He said NABARD has envisaged providing Rs 80,000 crore for irrigation funding of which about Rs 19,700 crore will come in the current fiscal.
"Investment in agriculture is necessary both for social and economic reasons. If we have to double farm income then we have to increase agriculture output and for that irrigation is a necessity as we cannot depend on monsoon alone," Jaitley said.
Of the Rs 19,700 crore to be given by NABARD in the current fiscal, Rs 1,500 crore was today disbursed to National Water Development Agency which is under the administrative control of Ministry of Water Resources.
"Historically, states in which agriculture sector output has grown 8 per cent annually, the respective governments are re-elected. So it is a necessity that agriculture output is increased," he said.
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As per the government, implementation of 89 irrigation projects under Accelerated Irrigation Benefits Programme (AIBP) has been languishing.
Speaking on the occasion, Water Resources Minister Uma Bharti said this is the first time that NABARD is releasing funds for funding irrigation.
"We have to ensure that farmers have access to water to boost agriculture," Bharti said, adding that the languishing projects are expected to be completed by December 2018.
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