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LATEST NEWS UPDATES | Welcome push to rural India's aspirations -Harsh Kumar Bhanwala

Welcome push to rural India's aspirations -Harsh Kumar Bhanwala

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published Published on Feb 12, 2017   modified Modified on Feb 12, 2017
-The Hindu Business Line

Bringing digital banking to Primary Agricultural Cooperative Societies is an important and laudable aspect of the Budget

The Budget hides months of discussion, with stakeholders nursing a gamut of interests. This year was no exception and the Budget was an exercise in the accommodation of innumerable expectations; and it is bound to dissatisfy many.

I would like to apply the old economic litmus test to judge its efficacy: Is it in sync with the overall long-term vision framework? Does it build on what was started?

The ‘Transform, Energise and Clean India’ (TEC) agenda may seem like a new term but is, in fact, a continuation of various earlier initiatives of the Government. We see increased allocations for infrastructure and rural development. The total allocation of Rs. 1.87 lakh crore for rural, agri and allied sectors is a heartening increase of 24 per cent over the previous year. Alongside, the focus on development of rural infrastructure in the form of roads and a higher allocation for housing will energise the rural economy. Research sponsored by Nabard shows that rural roads can be virtually compared with the nerve system of a nation which enable building a healthy and equitable society.

Brave effort

The overarching theme of doubling the incomes of farmers in five years is interlaced with a host of requirements and policy decisions. A budget can at best try and address some of them at a time. Yet, we see a spirited attempt. Consider irrigation, crop insurance and continued income during the lean season, the three major aspirations of the Indian farmer. This budget has made a brave effort to handle all these.

The Budget provides Nabard with an additional Rs. 20,000 crore under the Long Term Irrigation Fund (LTIF), along with a separate allocation of Rs. 5,000 crore to push the micro irrigation agenda. On the crop insurance front, the Pradhan Mantri Fasal Bima Yojana has been provided an enhanced allocation of Rs. 9,000 crore. Livestock got a boost with the proposal for a Dairy Processing Infrastructure Fund of Rs. 2,000 crore which would grow to Rs. 8,000 crore in three years. These are promising developments.

The Budget highlights the importance of soil health which is critical to farm production and productivity. In many parts of India it has been impaired by wrong usage of fertiliser. The proposal to create minilabs for soil testing continues the existing thrust on Soil Health Cards. The Budget also continues chipping at the policy logjam afflicting market reforms in the agri marketing area. Another 335 e-NAMs will be added to the 250 created this year. In an innovative move, the Budget seeks to integrate e-NAMs with commodity exchanges and enact a model law on contract farming. Denotification of perishables from the Essential Commodities Act and providing Rs. 75 lakh at each e-NAM for cleaning and packaging of farmer produce are other value-driven propositions.

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The Hindu Business Line, 9 February, 2017, http://www.thehindubusinessline.com/opinion/digital-banking-in-primary-agricultural-cooperative-societies/article9532561.ece?homepage=true


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