Finance Minister Arun Jaitley in his 'Make in India' Budget speech laid more emphasis on agriculture and farmers welfare with an aim to double the farmers' income in the next five years.
Jaitley laid thrust on the rural sector and social sector, including healthcare, educational skills and job creation, to make India a knowledge based productive economy.
He announced various allocations to the agri/farm and welfare with a total expenditure of Rs. 35,984 for agriculture in 2016-17. Jaitley also made announcements on infrastructure investment to enhance quality of life; financial sector reforms; governance reforms and ease of doing business; prudent management of government finances and tax reforms to reduce compliance burden.
Dedicating funds worth Rs. 20,000 crore for irrigation set up under the NABARD, Jaitley said, "Five lakh acres will be brought under organic farming over a three year period."
He added that nominal premium and highest ever compensation in case of crop loss under the Pradhan Mantri Fasal Bima Yojana will be set up by the government under NABARD.
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Outlining the nine pillars to transform India, Jaitley catered to farm, rural sector, infra, social sector to have more government expenditure. He announced a total of Rs. 19,000 crore allocation for the Pradhan Mantri Gram Sadak Yojana along with Rs. 60,000 crore for recharging of ground water reserves.
Jaitley stressed on Indian economy's resilience amidst the current global economic turmoil. He added in his speech that global economy is in a serious crisis.
"Financial markets have been battered but Indian economy has held its ground firmly," he added.
