Budget 2020: Nirmala Sitharamans gift to farmers; 16-point action plan, Rs 15 lakh cr credit target announced

Budget 2020: Finance Minister Nirmala Sitharaman gave a gift to farmers by announcing a 16-point plan that aims to double their income by 2022. In her budget speech, Sitharaman said that comprehensive measures for 100 water-stressed districts have been been proposed while the agricultural credit target has been set at Rs 15 lakh crore. "We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers," she said.

Here are all major announcements from Sitharaman's speech for agriculture -

- By 2022-23, I propose raising fish production to 200 lakh tonnes: FM

- By 2022-23, I propose raising fish production to 200 lakh tonnes: FM

- NABARD Refinancing Scheme to be further expanded, agri credit target for the year 2020-21 has been set at 15 lakh crore rupees.

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- Financing on Negotiable Warehousing Receipts to be integrated with e- National Agricultural Market

- For better marketing and export, supporting states will focus on one product for one district, so that high focus is given at district level for horticulture to gain momentum.

- Krishi UDAN will be launched by Ministry of Civil Aviation on international and national routes, improving value realization in North East and tribal districts.

- Indian Railways will set up Kisan Rail through PPP arrangement, for transportation of perishable goods.

"Krishi Udaan and Kisan Rail schemes are a welcome change in the budget presentation. These schemes will play a pivotal role in the proposed 16 point action plan to boost agriculture and farmer welfare. If formulated and implemented well, these schemes will be the ‘different set of solutions’ that the agriculture sector has been longing for. Our policies have traditionally failed to recognise many essential issues in the agriculture sector including those of efficient storage and transportation," Ajay Sawhney, Partner, Cyril Amarchand Mangaldas said.

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