Farm economy likely to be allocated Rs 25 lakh crores in the annual budget

Agriculture, farm economy, Nirmala Seetharaman, Annual budget, drought, Narendra Modi, BJP, Parliament, India, NewsMobile
Farm economy likely to be allocated Rs 25 lakh crores in the annual budget

The rural and farm economy can look at getting an impetus of Rs. 25 lakh crores from the central government over the next five years. As per sources, this could be a part of the allocations that will be made in these sectors in the annual Budget to be presented on July 5, 2019.

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In preparation for the budget, various departments and ministries have been asked to present monthly, yearly and full five-year targets, to help draw up the agenda for the first 100 days of the new government.

The increase in agriculture related budget could help farm and non-farm rural infrastructure and focus on removing holdups in farm supply chains. The idea is to ensure better and freer trade in farm commodities so that farmers could earn better prices.

Finance minister Nirmala Sitharaman, who recently held a pre-budget consultation on the farm economy, is known to have highlighted that the agriculture sector was a priority. She spoke about promoting start-ups to remove ‘fragmentation in agriculture markets’ so that farmers get profitable rates for their produce.

One of the key issues faced by the farming sector is drought. And that is because nearly 60% of the country’s net sown area doesn’t have irrigation cover. In case of a rain miss, the drought issue becomes large.

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