Budget 2017 - 2018 - FARMERS

FARMERS in Budget 2017 - 2018

  • Target for agricultural credit in 2017-18 has been fixed at a record level of ` 10 lakh crores
  • Farmers will also benefit  from  60  days’  interest  waiver  announced  on 31 Dec 2016
  • To ensure flow of credit to small farmers, Government to support NABARD for computerisation and integration of all 63,000 functional Primary Agriculture Credit Societies with the Core Banking System of District  Central Cooperative Banks. This will be done in  3 years at an estimated  cost of ` 1,900 crores
  • Coverage under Fasal Bima Yojana scheme will be increased from 30% of cropped area in 2016-17 to 40% in 2017-18 and 50% in 2018-19 for which a budget provision of ` 9000 crore has been made
  • New mini labs in Krishi Vigyan Kendras (KVKs) and ensure 100% coverage  of all 648 KVKs in the country for soil sample testing
  • As announced by the Honourable Prime Minister, the Long Term Irrigation Fund already set up in NABARD to be augmented by 100% to take the total corpus of this Fund to ` 40,000 crores.
  • Dedicated Micro Irrigation Fund in NABARD to achieve ‘per drop more  crop’ with an initial corpus of ` 5,000 crores
  • Coverage of National Agricultural Market (e-NAM) to be expanded from 250 markets to 585 APMCs. Assistance up to ` 75 lakhs will be provided to every e-NAM
  • A model law on contract farming to be prepared and circulated among the States for adoption
  • Dairy Processing and Infrastructure Development Fund to be set up in NABARD with a corpus of ` 2000 crores and will be increased to ` 8000 crores over 3 years