Farm Credit Target Raised to Rs 7,00,000 Crore
Against a target of 4% growth over the 11th Plan period, agriculture achieved a growth rate of 3.64%. Target of Agriculture sector growth remains at 4% during 12th Plan period.The 11th Five Year plan has seen an increase in total food grain production of over 173.38 million tons over the 10th Five Year Plan period. This is despite two years of drought in various parts of the country in 2009-10 and 2010-11.
The target of food-grains production for 2013-14 is 259 million tonnes.
The production of Wheat and Rice during 2013-14 is expected / targeted to be 92.50 million tonnes and 105 million tonnes respectively.
The production of pulses during 2012-13, as per 4th Advance Estimates is at the record level of 18.45 million tonnes. The target for 2013-14 is 19 million tonnes.
Overall increased production is reflected in the stocks with FCI. Against the buffer norm of 21 million tonnes as on 1st October, 2012 a stock of more than 66.5 million tonnes is there. From a position of having to import about 6 million tons of wheat in 2006-07, the country today has become a net exporter of wheat and rice.
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Due to special initiative of the Ministry, an area of around 15 lakh hectares has been brought under summer pulses.
Cotton production in India has increased 3.5 times in a span of a decade and reached a peak of 35.20 million bales in 2011-12. (1 bale= 170 kgs) as compared to 8.6 million bales in 2002-03. During the same period productivity has increased from 191 Kg/ha to 491 Kg/ha. Cotton production is estimated at record level of 35.30 million bales in 2013-14 as per 1st Advance Estimates.
As per 1st Advance Estimates the production of sugarcane in 2013-14 is expected to be 341.77 million tonnes as against the target of 340.00 million tonnes.
MSP of major crops such as paddy, wheat and pulses have increased by more than 100% between 2004-05 and 2013-14.
The strategies for rejuvenating agriculture sector to achieve 4% per annum rate of growth have been working which is seen by the fact that estimated growth in the Agriculture & Allied Sectors during the 11th Plan (3.64%) is higher than that achieved during the 9th Plan (2.5%) and 10th Plan (2.4%).
As per CSO, the agriculture and allied sector had grown at 1.9% during 2012-13. As per estimates released by CSO on 29.11.2013, the first half (April to September) of 2013 agriculture sector registered a growth rate of 3.6%.
Gross Capital Formation (GCF) in agriculture and allied sectors as a proportion of the GDP in the sector stagnated at around 14% during 2004-05 to 2006-07. During the year 2010-11 and 2011-12, the GCF has been 18.4% and 19.8% respectively.
The Plan outlay of DAC increased from Rs.15,000 crore in 10th Five Year Plan to more than Rs.60,000 crores in the 11th Five Year Plan and further increased to Rs.1,34,746 crores during 12th Five Year Plan.
There has been substantial increase in production of fruits and vegetables in recent years. Production of fruits during 2012-13 is estimated at 77.7 million tonnes as against 76.4 million tonnes during previous year and production of vegetables during 2012-13 is estimated at 159.5 million tonnes as against 156.3 million tonnes during previous year. Per capita availability of fruits and vegetables has increased to about 174 gms/person/day and 346 gms/person/day respectively in 2012.
Under the Grameen Bhandaran Yojana, while the target for XI Plan was to create storage capacity of 90.00 lakh MT, the achievement was 150% higher at 135.01 lakh MT. During current year, capacity of 42.93 lakh MT has been sanctioned so far.
The flow of agriculture credit in 2011-12 reached Rs.5, 11,029 crore (as against target of Rs. 4, 75,000 crore) from a level of Rs.86, 981 crore in 2003-04. As against the target of agriculture credit for 2012-13 of Rs.5, 75,000 crore, the achievement during the year has been Rs.6, 07,375 crore. For the year 2013-14, the target of agriculture credit flow has been increased to Rs.7,00,000 crore. During the year 2012-13, (as on December, 2012), 500.79 lakh farmers were financed by the banking system, out of whom 309.28 lakh farmers were small and marginal. Kisan Credit Cards are being converted into SMART cards to facilitate its operations through ATMs. There were 12.03 crore active KCCs in the country as on 31 March 2013.
To make cheap agriculture credit available to farmers for short term crop loan, incentive of additional interest subvention increased to 3% for farmers who repay their loan on schedule thus making the effective rate of interest @ 4% only.
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