Budget 2017-18 for farmers

Descriptive  Capsule  MCQ

Budget for Farmers

  • 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 computerization 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
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