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Budget 2020: Modi Government allocates 30 per cent higher funds for the agriculture sector

Modi government is aiming to boost the agricultural sector in the financial year 2020-21.

To give a boost to the agriculture sector in the country, the Modi government in its 2020 budget has aimed to provide a higher budget allocation for agriculture and its allied activities as well as to the food and food processing sector for the financial year 2020-21, reports Economic Times.

According to the report, the government has provided a 30 per cent increase in fund allocation at Rs 1,42,761.58 Crore for the next fiscal for agriculture and farmer welfare than Rs 1,09,750.17 Crore for the ongoing financial year.

The flagship PM KISAN has been allocated with the maximum fund of Rs 75000 Cr for 2020-21 followed by Pradhan Mantri Fasal Bima Yojana (PMFBY) which bagged Rs 15,695 Crore. The Price Stabilisation Scheme (PSS) has been allocated Rs 2000 Crore.

Besides, Rs 500 crore each for PM-Asha scheme and setting up of 10,000 Farmers Producers Companies (FPOs). Moreover, Rs 600 Crore has been kept aside to promote farm mechanization and Rs 220 Crore for flagship scheme PM Kisan Samman Nidhi for the fiscal year 2020-21.

The allocation for the PM-KISAN scheme, under which Rs 6,000 are provided in three equal instalments to each beneficiary farmer annually, has been kept at Rs 75,000 crore for the FY21 as against the Rs 54,370.15 crore provided in the revised estimate for this year. The allocation has been trimmed keeping in view the implementation hurdles and lack of attentiveness shown by some states like West Bengal.

Read: Now farmers can earn even from their barren lands: Here is Modi govt’s 16 point action plan for farmers in Budget 2020

The BJP led government has focussed on allied activities that bring additional income to farmers such as dairy. The government has increased allocation for animal husbandry, livestock, dairy and fishery to Rs 4,114.13 Crore for the FY21 from the revised estimate of Rs 3490 Crore.

The Research and agriculture development has been allocated Rs 8,362.58 crore for FY21 as against Rs 7,846.17 crore in the revised estimate.

In the previous fiscal year, the food processing industry which was allocated Rs 1,042 Crore, has now been allotted increased funds amounting to Rs 1,232 Crore for the next fiscal. Moreover, Rs 1,15,569.68 crore has been allocated for the food and consumer affairs ministry for the next fiscal against the revised estimate of Rs 1,08,688.35 crore.

However, for the fertilizer and the chemicals industry, the allocation of funds has been reduced. The budget which earlier stood at Rs 80,405.18 Crore would now stand at Rs 71,563.34 Crore for the current financial year.

Besides a 16-point action plan was put forth by the Finance Minister to help the agricultural sector and increase farmer’s wages.

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