FM Nirmala Sitharaman Presser: Rs 1 Lakh Crore Agriculture Infra Fund

Finance Minister Nirmala Sitharaman unveils the details of the Rs 20 lakh cr economic package declared by PM in his address to the nation.

New Delhi| Finance Minister Nirmala Sitharaman in the third press conference on Friday released details of the next section of the Rs 20 lakh crore economic package announced by PM.

Yesterday’s initiatives focus on migrant workers, street vendors, small traders, the self-employed & small farmers: FM Nirmala Sitharaman

The mega stimulus package of Rs 20 Lakh Crore is being released by the Central government to help restore the economy hit by the pandemic.

The announcement has already soared the markets, with the benchmark equity market indices on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) opening nearly 4% higher.

Today’s announcements will focus on agriculture and allied activities, Finance Minister said.

Key Highlights From FM Nirmala Sitharaman’s Presser:

• During lockdown period Minimum Support Price purchases of the amount over Rs 74,300 crores; PM Kisan fund transfer of Rs 18700 crore: FM
• During COVID lockdown period, the demand for milk reduced by 20-25%. A new scheme to provide interest subvention at 2% per annum to dairy cooperatives for 2020-21. The scheme will unlock Rs 5000 crore additional liquidity, benefit to 2 crore farmers: FM
• Government to immediately create a Rs 1 lakh crore Agri-Infrastructure Fund for farm gate infrastructure for farmers. Government introduces a Rs 10,000 crores scheme for the formalisation of Micro Food Enterprises (MFE); the scheme promotes PM’s vision of ‘Vocal for Local with global outreach’
• All COVID19 related deadline extensions relating to fisheries activities, many of them involving overseas contracts, have been honoured. Very many measures which will help marine and coastal farmers have been undertaken as promised.
• Govt to launch the Rs 20,000 crore Pradhan Mantri Matsya Sampada Yojana for development of marine and inland fisheries. 55 lakh people expected to get employment from this program: FM
• National Animal Disease Control Programme for Foot and Mouth Disease and Brucellosis launched with a total outlay of Rs 13,343 cr. Animal Husbandry Infrastructure Development Fund of Rs 15,000 crores will be set up.

Also Read: World Bank Announces $1 Billion Social Protection Package For India

• Rs 4000 crore allocated for promotion of herbal cultivation; 10,00,000 hectare will be covered in the next 2 years. National Medicinal Plants Board will bring 800-hectare area by developing a corridor of medicinal plants along the banks of river Ganga: FM
• Govt to implement a Rs 500 crore scheme of infrastructure development related to integrated beekeeping development centres, collection, marketing & storage centres, post-harvest and value addition facilities; this will lead to an increase in income of 2 lakh bee-keepers: FM
• Operation Greens to be extended from Tomatoes, Onions and Potatoes (TOP) to all fruits and vegetables (TOTAL): Finance Minister Nirmala Sitharaman
• Government to amend the Essential Commodities Act to enable better price realisation for farmers; agriculture products including cereals, edible oils, oilseeds, pulses, onions, and potatoes to be de-regulated.
• A central law will be formulated to provide adequate choices to the farmers to sell produce at an attractive price, barrier-free interstate trade and framework for e-trading of agricultural produce.
• A facilitative legal framework will be created to enable farmers for engaging with processors, aggregators, large retailers, exporters in a fair and transparent manner.

(Inputs from ANI)