22 C
New Delhi
Wednesday 13 November 2019
India Budget impact: Kharif crops MSP could rise up to...

Budget impact: Kharif crops MSP could rise up to 47%

-

- Advertisment -

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

New Delhi: The support price for the upcoming Kharif crops like paddy could see up to 47% rise after Finance Minister Arun Jaitley announced today that the government will give 1.5 times the cost of production to farmers.

While presenting the Union Budget 2018-19, Jaitley said the government has declared the minimum support price (MSP) for 2017 rabi crops at least at one-and-a-half times the cost involved as promised in BJP’s poll manifesto.

“Now, we have decided to implement this resolution as a principle for the rest of crops. I am pleased to announce that as per pre-determined principle, the government has decided to keep MSP for the all unannounced crops of Kharif at least at one and half times of their production cost,” he said.

The government has been very sensitive to its poll promise. This “historic decision” will prove an important step towards doubling the income of our farmer, he added.

The government fixes MSP for 14-15 Kharif crops.

“Based on the principle announced by the FM, the overall increase in the support price could be between 8% and 47% depending on crops and their cost of production this year,” Niti Aayog member Ramesh Chand said.

In case of ragi, the MSP will increase by 47% to Rs 2,791 per quintal during 2018 Kharif season, from the current Rs 1,900 per quintal, he added.

Asserting that increasing MSP is not adequate, Jaitley said, “It is more important that farmers should get the full benefit of the announced MSP.”

Niti Aayog, in consultations with central and state governments, will put in place a fool-proof mechanism so that farmers will get adequate price for their produce, he said.

Also, an institutional mechanism will be set up to develop policies and practices for price and demand forecast, use of futures and options market, expansion of warehouse depository system and to make decisions about specific exports and imports related measures, he added.

“We consider agriculture as an enterprise and want to help farmers produce more from the same land parcel at a lesser cost and simultaneously realise higher prices for their produce,” Jaitley said.

To effect a paradigm shift in the agri-policy which has remained production-centric, Jaitley said the emphasis is on generating higher income for farmers and announced a slew of measures to strengthen agri-market and food processing industry besides liberalising policy to boost agri-exports.

The budget allocation for the agriculture ministry has been increased by 13% to Rs 58,080 crore for the 2018 -19 fiscal, from Rs 51,576 crore for this year, while the allocation for food processing ministry has been doubled to Rs 1,400 crore for the said period.

The farm credit target has been raised to Rs 11 lakh crore for 2018-19 from Rs 10 lakh crore this year, while funds for Pradhan Mantri Fasal Bhima Yojana (PMFBY) has been increased to Rs 13,000 crore from Rs 10,698 crore.

That apart, the government announced two separate funds with a corpus of Rs 10,000 crore to create infrastructure in fishery, aquaculture and animal husbandry sectors, Rs 2,000 crore as agri-market infrastructure fund and Rs 1,290 crore for the national bamboo mission.

The facility of Kisan Credit Cards has been extended to fisheries and animal husbandry farmers to help them meet their working capital needs.

PTI

Leave a Reply

Opinion

Guru Nanak Jayanti: What First Sikh Guru Taught

While Guru Nanak urged people to 'nām japo, kirat karo, vand chhako', he stood for several values while he also fought various social evils

Muhammed Who Inconvenienced Muslims

Archaeologist KK Muhammed had earlier got on the nerves of the leftist intelligentsia for exposing their nexus with Islamic extremists

UCC Now, Rajnath Hints: Here’s How Modi Can Do It

Modi can argue in a manner to make UCC look secular and pro-Hindu at the same time, making a Muslim or Christian counterargument impossible

Tulasi: Two Stories, One Reason For Devotion

The Padma Purana, Devi Bhagavatam and Skanda Purana tell the story of Tulasi or Vrinda differently but the essence of devotion is a constant

BJP Cannot Afford Ideological Confusion

Being everything to everybody is Congress, which now faces doom. Socialism, secularism and 'sabka vishwas' are pushing BJP down the same path.
- Advertisement -

Elsewhere

Guru Nanak Jayanti: What First Sikh Guru Taught

While Guru Nanak urged people to 'nām japo, kirat karo, vand chhako', he stood for several values while he also fought various social evils

Kajal of India reaps ‘reward’ of marrying a Pakistani

The case of Kajal differs from love jihad stories: a country rather than an individual has dashed her hopes, but there is a similarity, too

Congress to help in Maha’ govt formation under 5 conditions

They just begin with not letting a Thackeray be the chief minister, but even otherwise, Congress and NCP leaders are not getting along well

Jharkhand BJP haunted by Maharashtra alliance woes?

A BJP source said that the outcome of Maharashtra affected the party's Jharkhand policy where it refused to give 'winnable' seats away

Industrial production at 8-year low in September

Most industrial groups registered negative growth rates in the period, reminiscent of 2011-12 when manufacturing had gone into a tailspin

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this: