Agri and food companies on Monday hailed the decision to hike farm credit target and increase allocation for the agriculture ministry in the Budget, saying this will help in boosting farmers income and overall growth of the sector. Asserting that the government is committed towards farmers welfare, Finance Minister Nirmala Sitharaman on Monday proposed 10 per cent hike in the farm loan disbursal target to Rs 16.5 lakh crore, and introduced an agri infra and development cess of up to 100 per cent to create post-harvest infrastructure for improving farmers income. The minister also proposed higher allocation for Rural Infrastructure Development Fund and Micro Irrigation Fund, and extended Agriculture Infrastructure Fund to APMCs for augmenting infrastructure facilities.
Updated Feb 01, 2021 | 20:51 IST
Netafim India MD Randhir Chauhan welcomed the government s decision to double the allocation to the Micro Irrigation Fund (MIF) under NABARD to Rs 10,000 cr. Budget 2021: Agri cos cheer higher allocation to farm sector | Photo Credit: ANI
New Delhi: Agri and food companies on Monday hailed the decision to hike farm credit target and increase allocation for the agriculture ministry in the Budget, saying this will help in boosting farmers income and overall growth of the sector. Asserting that the government is committed towards farmers welfare, Finance Minister Nirmala Sitharaman on Monday proposed 10 per cent hike in the farm loan disbursal target to Rs 16.5 lakh crore, and introduced an agri infra and development cess of up to 100 per cent to create post-harvest infrastructure for improving farmers income.
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"The government should also simplify requirements under GST by allowing companies to adjust input credit of one state against the tax payable situation in another state as GST is a central levy." CropLife India CEO Asitava Sen said.
The industry also demanded that the government maintain an uniform basic customs duty of 10 per cent on both technical raw material and finished products.