Budget Series: Agriculture Sector

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In Union Budget 2018, Finance Minister Arun Jaitley has announced various agricultural reforms in a bid to double farmer income by 2022. Here we take a look at four key reforms announced by finance minister Arun Jaitley.
Support price for produce
by fixing MSP of Kharif crops like paddy at least 50 percent higher than the cost of production.
Allied-Sectors get a boost
by setting up fisheries and aqua culture with an outlay of Rs 10,000 crore to each sector.
Livelihood creation
by creating employment of 321 crore person per days, 3.17 lakh kilometres of rural roads, 51 lakh new rural houses, 1.88 crore toilets and 1.75 crore new household electric connections.
Tax incentives
by proposing to allow 100% deduction to companies registered as Farmer producer companies and having annual turnover up to Rs 100 crores in respect of their profits for the first five years.
Despite these key reforms, however, consumers may face higher inflation as rise in MSP may put pressure on food prices. Rural consumers could have more to spend as big-ticket schemes and higher farm prices raise incomes.

CREDITS :  PRAGYA 2nd year
                    DEVINA 1st year

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