Farmer-friendly budget to address rural distress

New Delhi: The government led by Prime Minister Narendra Modi is all set to present the sixth and last budget of its tenure on Friday. Even though the budget would be interim, the government is aiming to placate farmers, middle class, government employees, corporate and youth by announcing some 'surprising' sops for them.

The last budget of the incumbent government prior to going for Lok Sabha polls in May would be presented by Finance Minister Piyush Goyal. As per experts, the interim budget would be like 'something' for all and it's also expected that the government may revise the income tax slab rates to please the middle class and better its prospects of re-election in the upcoming general elections.

According to sources, the government would make this Interim Budget a farmer-friendly and the expected announcements to 'woo' the farming community would be interest-free loan, lesser premiums for insurance cover, etc.

"Given that the government has always stressed on finding 'permanent solutions' instead of temporary measures like farm loan waiver schemes, it's anticipated that there would be a substantial increase in the budget allocation for ongoing schemes for farmers so that their income would be doubled by 2022," the official said, adding that some new schemes would also be announced for farmers.

Calling farmers as the foundation of the Indian economy, President Ram Nath Kovind, while addressing a joint session of the Parliament on Thursday, said that the government is attempting to find "permanent solutions" for problems faced by farmers.

The President recounted Modi government's commitment to doubling farmers' income by 2022 and listed measures taken during the last four and half years to address farm sector issues.

As the BJP had lost assembly elections in three key states in the Hindi heartland due to farmers' distress, the government is leaving no stone unturned to placate farmers as the community has a decisive role in general elections.

It's so that the President, in his speech, recounted Modi government's commitment to doubling farmers' income by 2022 and listed measures taken during the last four and half years to address farm sector issues.

"On behalf of this august House, I compliment our annadata farmers. My government is striving day and night to attain the goal of doubling farmers' income. Understanding the needs of farmers, the government is seeking to find permanent solutions to their problems," he said while addressing the joint sitting of Parliament at the start of the Budget session. The government's priority is to provide better facilities and assistance to farmers for the entire spectrum of agriculture activities from the purchase of equipment and seeds to the transportation of produce and its sale, he added.

Kovind further said, "The government is working with a new approach to cut production cost and provide remunerative price to farmers for their crops. It is providing access to new markets and helping farmers with additional sources of income."

"My government has taken the historic decision of fixing the minimum support price (MSP) of 22 crops at one and a half times higher than the production cost of the crop," the President said.

Meanwhile, the Prime Minister has urged all parliamentarians to ensure that the budget session is productive. "The government is committed for Sabka Saath Sabka Vikas. The government is ready for discussion on any issue," Modi said while urging parliamentarians to use the budget session to discuss issues of public concern as people of the country watch the proceedings of Parliament.