Hints to Remember
National Bank for Agriculture and Rural Development (NABARD)
will computerize all the 63,000 function Primary Agriculture Credit Societies (PACS)
published on 1st
Key highlights Union Budget 2017-18 for farmers:
1. National Bank for Agriculture and Rural Development
2. Target for agricultural credit in 2017-18 has been fixed at a record level of Rs 10 lakh crore.
3. Farmers will also benefit from 60 days’ interest waiver announced on December 31, 2016.
4. To ensure flow of credit to small farmers, Government to support NABARD for computerization and integration of all 63,000 functional Primary Agriculture Credit Societies with the Core Banking System of District Central Cooperative Banks. This will be done in 3 years at an estimated cost of Rs 1,900 crore.
5. Coverage under Fasal Bima Yojana scheme will be increased from 30% of cropped area in 2016-17 to 40% in 2017-18 and 50% in 2018-19 for which a budget provision of Rs 9000 crore has been made.
6. New mini labs in Krishi Vigyan Kendras (KVKs) and ensure 100% coverage of all 648 KVKs in the country for soil sample testing.
7. As announced by the Honourable Prime Minister, the Long Term Irrigation Fund already set up in NABARD to be augmented by 100% to take the total corpus of this fund to Rs 40,000 crore.
8. Dedicated Micro Irrigation Fund in NABARD to achieve ‘per drop more crop’ with an initial corpus of Rs 5,000 crore.
9. Coverage of National Agricultural Market (e-NAM) to be expanded from 250 markets to 585 APMCs. Assistance up to Rs 75 lakh will be provided to every e-NAM.
10. A model law on contract farming to be prepared and circulated among the states for adoption.
11. Dairy Processing and Infrastructure Development Fund to be set up in NABARD with a corpus of Rs 2000 crore and will be increased to Rs 8000 crore over 3 years.
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