Shares of companies related to the agriculture sector gained up to 2.5 per cent today as the government decided to spend Rs 50,000 crore over the next five years under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY).
Jain Irrigation Systems gained 2.52 per cent, Dhanuka Agritech climbed 2.13 per cent and Shakti Pumps was up 2 per cent on the BSE.
With an eye on improving farm productivity, the government will spend Rs 50,000 crore over the next five years under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY).
"It has been decided that in 5 years, Rs 50,000 crore from the central Budget would be utilised for the Pradhan Mantri Krishi Sinchai Yojana. States' share will be over and above this," Finance Minister Arun Jaitley said while communicating the Cabinet decision.
For the current fiscal, he said the allocation is Rs 5,300 crore.
Currently, 142 million hectares of land is used for cultivation, of which only 45 per cent farm land is under irrigation.
