02 February,2017 09:03 AM IST | | Agencies
With an aim to double farmers' income by 2022, Centre also raises Budget allocation for Agriculture Ministry by 6 per cent, to Rs 51,026 crore, for 2017-18
New Delhi: Aiming to double farmers' income by 2022, the Centre yesterday increased agri-credit target by 11 per cent to Rs 10 lakh crore for next fiscal and announced two dedicated funds with a corpus of Rs 13,000 crore to promote micro irrigation and dairy processing.
It also raised allocation for Agriculture Ministry by 6 per cent to Rs 51,026 crore for 2017-18 from Rs 48,072 crore (revised estimate) of this fiscal.
FM Arun Jaitley set the target of achieving 40 per cent coverage of farmland under the new Pradhan Mantri Fasal Bima Yojana and earmarked Rs 9,000 crore for next fiscal.
"For a good crop, adequate credit should be available to farmers in time," he said.
Since 40 per cent of small and marginal farmers avail credit from the cooperative structure, Jaitley said The Primary Agriculture Credit Societies (PACS) act as the front end for loan disbursements.
"We will support NABARD for computerisation and integration of all 63,000 functional PACS with the Core Banking System of District Central Cooperative Banks. This will be done in three years at a cost of Rs 1,900 crore."
Rs 58,663 cr
The total allocation for agri and allied sectors for next fiscal, up from s crore
Rs 5,000 cr
Corpus to create a dedicated micro-irrigation fund
Rs 15,000 cr
Amount set aside to provide short-term crop loans at subsidised interest rates to farmers
Rs 10 lakh cr
Next fiscal's agri-credit target
Rs 40,000 cr
The corpus for NABARD
