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ANALYSIS OF BUDGET 2009-10

The Gross capital formation in agriculture as a proportion of agriculture GDP


increased from 11.1 per cent in 2003-04 to 14.2 per cent in 2007-08.
Annual growth rate of agriculture rose to 3.7 per cent during 2003-04 to 2007-08.
The foodgrain production recorded an increase of 10 million tonnes each year
during this period and touched an all time high of 230 million tonnes in 2007-08.

Plan allocation for agriculture increased by 300 per cent from 2003-04 to 2008-
09. Rashtriya Krishi Vikas Yojna launched in 2007-08 with an outlay of Rs 25,000
crore to increase growth rate of agriculture and allied sector to 4 per cent per
annum during Eleventh Plan period.

Agriculture credit disbursement increased three times from Rs 87,000 crore in


2003-04 to about Rs 2,50,000 crore in 2007-08.

To strengthen short-term cooperative credit structure, revival package in 25


states involving financial assistance of about Rs 13,500 crore is being
implemented.

Interest subvention to be continued in 2009-10 to ensure that farmers get short


term crop loans upto Rs 3 lakh at 7 per cent per annum.

The Agricultural Debt Waiver and Debt Relief Scheme, 2008 was implemented
by June 30, 2008 as scheduled. Debt waiver/debt relief amounting to Rs 65,300
crore covers 3.6 crore farmers.

Despite higher procurement cost and higher international prices during the last
5 years, the central issue prices under Targeted Public Distribution System
(TPDS) maintained at July, 2000 level in case of Below Poverty Line (BPL) and
Antyodaya Anna Yojana (AAY) categories and at July, 2002 levels for Above
Poverty Line (APL) category.

Minimum Support Price (MSP) for common variety of paddy increased from Rs
550 per quintal in 2003-04 to Rs 900 per quintal for the crop year 2008-09. In
case of wheat, increase was from Rs 630 per quintal in 2003-04 to Rs 1080 per
quintal for the year 2009. Rural Development
The corpus of Rural Infrastructure Development Fund (RIDF) increased from
Rs.5,500 crore in 2003-04 to Rs 14,000 crore for the year 2008-09. A separate
window for rural roads created with a corpus of Rs 4,000 crore for each of the
last three years.

As against 60 lakh houses to be constructed under Indira Awaas Yojana by


2008-09, 60 lakh twelve thousand houses constructed between 2005-06 to
December, 2008.

Panchayat Empowerment and Accountability Scheme (PEAIS) proposed to be


expanded.

'Project Arrow' to provide new technology enabled services through post offices
to common man and support effective implementation of social sector schemes
like NREGS, while promoting financial inclusion.

Crop loan at 6 pc interest for farmers The government announced loans at a


subsidised interest rate of 6 per cent for farmers who pay their dues in time,
which is one per cent less than what others would get. Government will pay an
additional subvention of one per cent as an incentive to those farmers who repay
their short term crop loan on schedule. Thus the interest rate for these farmers
will come down to 6 per cent per annum. The Centre has allocated Rs 411 crore
more in this budget for this purpose over and above the allocation made during
the interim budget. Governmnet would continue the interest subvention scheme
on short term crop loan of up to Rs 3 lakh at seven per cent interest rate. The
government also hiked the target of agricultural credit for 2009-10 to Rs 3,25,000
crore after achieving last year's target when the government had disbursed Rs
2,87,000 crore of farm loan as against the target of Rs 2,80,000 crore. Mukherjee
said the debt waiver scheme, announced during 2008-09 budget, would be
extended till December 31 this year, in view of delay in monsoon. The Rs 71,000
crore scheme, which covered four crore farmers, had ended in June 2009. He
also announced setting up a task force to examine a large number of farmers in
parts of Maharashtra who had been left out of this scheme as they had taken
loans from private money lenders.

Incentives in interest rates to farmers to pay back agriculture loans in time.

Target for agriculture credit raised to Rs 3,25,000 crore in 2009-10 from Rs


287,000 crore.

Agriculture sector grows at 4%, boosting GDP growth of the country.

Rice, wheat at Rs 3 per kg to the poor

Aiming for direct transfer of subsidy to farmers


Agriculture loans in time

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