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Union Budget 2019: Agriculture Sector

To provide assured income to small and margiunal farmers, the Union Government has introduced a historic yojana- Pradhan mantra kisan samman nidhi. Under the yojana, the vulnerable farmers, who own around 2 hectares of land, will get direct income support of Rs 6000 per year.

Feb 1, 2019 11:43 IST
Union Budget 2019: Agriculture Sector

The Union Interim Finance Minister Piyush Goyal presented the Interim Budget 2019-20 on February 1, 2019. In Independent India, this will be the 89th budget and the sixth of the Narendra Modi-led NDA government.

This year, the government will present the Interim Budget, also known as ‘Vote on Account’ as it is close to the end of its term. The vote-on-account is an approval, which the government seeks from the parliament for essential spending for a limited period. The full-fledged budget will be presented by the new government.

The Budget 2019 has identified Agriculture Sector as one of the key drivers of the economy. Accordingly, interim Finance Minister Piyush Goyal announced the following initiatives:

Farmer’s income doubled: All 22 crops have been put under Minimum Support Price. The various pro-farmer policies have led to the production of agricultural commodities in record quantities.

However, farming produce has reduced in recent times with that the income of farmer families have also reduced.

Hence, there has been a need to provide structured income support to the poor farmer families to buy fertilizers and seeds etc.

The support is aimed to help the farmers in their indebtness and to enable them to live a respectable life.

To provide assured income to small and margiunal farmers, the Government has introduced a historic yojana- Pradhan Mantri Kisan Samman Nidhi (KISAN).

Under the yojana, the vulnerable farmers, who own around 2 hectares of land, will get direct income support of Rs 6000 per year.

The income support will be transferred directly to the account of the beneficiary farmer in three equal installments of Rs 2000 each. It would be fully funded by the Government of India.

The scheme is expected to benefit 12 crore farmer families. The programme will be implemented from December 2018.

Around Rs 75,000 crore will be borne by the Centre every year. The first installment will be issed soon after preparing a list. Rs 20,000 crore will be spent this financial year.

PM Kisan will provide assured supplementary income to vulnerable farmer families, enabling them to live a respectable life.

Besides this, farmers affected by natural calamities will be given 3 per cent interest subvention on crop loans.

Animal Husbandry and Fisheries Sector

India is the second largest fish producing nation in the world accounting for 6.3% of global production, registering an average annual growth of more than 7% in recent years.

The sector provides livelihood to about 1.45 crore people at the primary level. To provide sustained and focused attention towards development of this sector, the government has decided to create a separate Department of Fisheries.

To provide a further push to the animal husbandry and fisheries sector, the Union Government has decided to increase allocation to the Rashtriya Gokul mission to Rs 750 crore in the current year itself.

Two percent interest subvention will be given to farmers who are engaged in animal husbandary and fisheries when loans taken through Kisan Credit Card..

An additional 3 per cent relaxation will be given in case of timely repayment of loans.

Rashtriya Kamdhenu Aayog

The Union Government has decided to set up Rashtriya Kamdhenu Aayog to upscale sustainable genetic up-gradation of cow resources and to enhance production and productivity of cows.

The committee would also look into implementing policies and schemes for welfare of cows. It aims to enhance the production and productivity cows.