Millennium Post

Agri credit target raised by Rs 50,000 cr

In a bonanza for farmers and agriculture, Finance Minister Arun Jaitley’s Budget on Saturday raised the agriculture credit target by Rs 50,000 crore to Rs 8.5 lakh crore for 2015-16 fiscal and also announced financial support to enhance irrigation and soil health for higher agriculture productivity.

“Farm credit underpins the efforts our hardworking farmers and I have therefore set up an ambitious target of Rs 8.5 lakh crore of credit during the year 2015-16. I am sure banks will surpass (this target),” Jaitley said.

To support the agriculture sector, the FM said: “I propose to allocate Rs 25,000 crore in 2015-16 to the corpus of Rural Infrastructure Development Fund set up NABARD.” Jaitley also announced an allocation of Rs 15,000 crore for long-term rural credit fund, Rs 45,000 crore for short-term cooperative rural credit refinance fund and Rs 15,000 crore for short-term RRB (regional rural banks) refinance fund.

To boost irrigation and soil health, Jaitley said, “I propose to support the Agriculture Ministry’s organic farm scheme Parampara Krishi Vikas Yojana and Pradhan Mantri Gram Sinchai Yojana (PMGSY)...I am allocating Rs 5,300 crore to support micro irrigation watershed programmes and PMGSY.”
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