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Budget 2021: Rural infra development fund increased to Rs 40,000 crore in FY22

Nirmala Sitharaman proposed to increase the agriculture credit target to Rs 16.5 lakh crore.

February 01, 2021 / 01:05 PM IST
Representative image (PC- MoneyControl.Com)

Representative image (PC- MoneyControl.Com)

Presenting the Budget for 2021-21 amid the ongoing farmers' protest, Finance Minister Nirmala Sitharaman said that provision to agriculture infrastructure fund outlay will be increased to Rs 40,000 crore for Rs 30,000 crore, and micro-irrigation corpus will be doubled to Rs 10,000 crore.

She also proposed to increase the agriculture credit target to Rs 16.5 lakh crore. Presenting the Budget for 2021-22, she said the operation green scheme will cover 22 more perishable commodities while announcing the development of five major fishing hubs.

Follow Moneycontrol's Union Budget 2021 live coverage here.

Sitharaman further said 1,000 more mandis will be integrated with the electronic national market and the agriculture infrastructure fund would be made available to APMCs to augment infrastructure facilities.

On the MSP, FM said that the MSP regime has undergone a change to assure a price that is at least 1.5 times the cost of production across all commodities. "The total amount paid to paddy farmers surged to Rs 1.72 lakh crore in 2020-21. Over Rs 75,000 crore paid to wheat farmers in 2020-21," she said.

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She further said that so far, in case of wheat, the amount paid to farmers in 2019-2020 was Rs 62,802 crore and it was further increased in 2020-2021 to Rs 75,060 crore.

Meanwhile, the BSE benchmark Sensex surged over 443 points and the NSE Nifty advanced 115 points in opening trade, ahead of the Union Budget 2021-22 presentation in Parliament.

The 30-share Sensex was trading higher by 443.06 points or 0.96 percent at 46,728.83, and the broader Nifty was up 114.85 points or 0.84 percent at 13,749.45.

Follow Moneycontrol's Market live coverage here.
Moneycontrol News
first published: Feb 1, 2021 12:50 pm

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