Moneycontrol
Last Updated : Feb 01, 2019 12:35 PM IST | Source: PTI

Budget 2019: 2% interest subvention for farmers hit by natural calamities

Farmers hit by natural calamities will get 2 percent interest subvention and 3% more on timely repayment of loans, Goyal said.

Seeking to address distress in farm sector, Finance Minister Piyush Goyal on February 1 announced a 2 percent interest subvention for farmers hit by natural calamities, while offering 3 per cent more to them for timely loan payment.

Goyal, who stepped in to present the budget for 2019-20 in the Lok Sabha in place of indisposed Arun Jaitley, also said also announced 2 percent interest subvention for farmers involved in animal husbandry and fishery.

Farmers hit by natural calamities will get 2 percent interest subvention and 3 percent more on timely repayment of loans, he said.

Further, the finance minister said the government will provide Rs 750 crore to support animal husbandry and fishing.

He also said the government has fixed MSP for 22 notified crops at 50 percent higher than cost of production.

There is need for structured income support for poor, landless farmers to meet input cost, the FM said, adding that the government will also implement special strategy for uplift of nomadic tribes.

He said pension scheme for unorganised sector workers will be implemented from this fiscal.

High growth, formalisation of the economy has resulted in increased EPFO membership by 2 crore in last two years, he noted.
First Published on Feb 1, 2019 12:24 pm
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