Continuing its focus on the stressed agriculture sector in the upcoming full Budget in July, the Finance Ministry is likely to increase allocation by a minimum 30 per cent over the interim Budget figures, as well as announce a flagship farmers’ scheme, official sources said.
New Delhi:
Sources said, it may offer more support to existing farmer support schemes, including for minimum support price (MSP), interest rate subvention and higher fertiliser subsidy.
In the interim Budget presented in February, agriculture had received an unprecedented 144 per cent hike rise in allocation, from Rs 57,600 cr in 2018-19 to Rs 1,40,764 cr in the February budget.
This allocation set for a minimum 30 per cent hike by to reach about Rs 1.83 lakh cr in the full budget due in July. Agriculture had comprised 3.52 per cent of the budget in the 2017-18, but had cornered 5.39 per cent of the interim budget in February.
The Pradhan Mantri Kisan Samman Nidhi to provide structured income support to 12 cr farmers at a cost of Rs 75,000 cr may see a variant to provide a regular annual income to the farmers, a source said.