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Union Budget 2018: Rs 14.34 lakh crore for creating livelihood in rural areas

Union Budget 2018: Rs 14.34 lakh crore for creating livelihood in rural areas
Highlights

Finance Minister Arun Jaitley presented the Budget 2018 on Thursday where he announced several schemes, allocations for the rural and agriculture sector.

Finance Minister Arun Jaitley presented the Budget 2018 on Thursday where he announced several schemes, allocations for the rural and agriculture sector.

The government announced the increase of minimum support price (MSP) of all Kharif crops to at least 1.5 times that of the production cost.

Finance Minister proposed an allocation of Rs 14.34 lakh crore for creating livelihood in the rural sector.

The government also allocated Rs 10,000 crore corpus for animal husbandry, fisheries and Rs 500 crore towards 'Operation Green’.

Arun Jaitley said that India saw record output of 275 million tonnes in 2016-17 and highlighted the government's focus on generating more incomes along with visualising agriculture as an enterprise. Further, he proposed to raise institutional credit for agriculture to Rs 11 Lakh Cr for FY2018-19.

In a bid to develop agricultural markets, an agri-market Development Fund with a corpus of Rs 2000 crore has been established while Rs 2,600 crore has been ramped for Pradhan Mantri Sinchayee Yojana which is focused on irrigation.

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