FM Goyal began the interim budget speech by wishing Union Minister Arun Jaitley speedy recovery and good health.
The government on Friday announced a new scheme in the agriculture sector which will entail payment of Rs 6,000 annually to each of the 12 crore marginal farmers in the country.The scheme named as Pradhan Mantri Kisan Samman Nidhi will involve an annual outlay of Rs 75,000 crore, Finance Minister Piyush Goyal said while presenting the interim Budget in the Lok Sabha.
The payment of Rs 6,000 will be paid directly in the bank accounts of the marginal farmers, he said.It will be provided in three equal instalments, with effect from December 1, 2018, Goyal said.
Shilpi Agarwal, Partner, TASS Advisors said," This budget is a farmers paradise. There is something for the poor, middle class common man."
Finance Minister Piyush Goyal on Friday presented the interim budget 2019 before the Parliament. Presenting the budget for 2019-20 in the Lok Sabha, Goyal said, "We are moving towards realising New India by 2022." "We have got decisive mandate to continue structured reforms. We have reversed policy paralysis," he added.
Prime Minister Narendra Modi-led government's sixth and final budget before the polls due by May is an interim budget or a 'Vote on Account'.
Goyal stepped in as interim finance minister after Arun Jaitley had to fly to New York for medical treatment.
Read: Other big announcements by FM Piyush Goyal
Goyal began the interim budget speech by wishing Union Minister Arun Jaitley speedy recovery and good health.
Earlier, the Cabinet had approved the Interim Budget for 2019-20.
Below are the big announcements made by FM Piyush Goyal realated to the agriculture sector
1. Transfer of Rs 6000
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Finance Minister Piyush Goyal had said under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding
2. Hike in MSP
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For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops.
3. Pradhan Mantri Kisan Samman Nidhi scheme
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To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved, FM had said. Farmer package to cost govt Rs 75,000 crore, he informed the house.
4. Crop loans
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Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment
