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India Courts Agriculture in 2018 to Reduce Inequality

Friday, 9th February 2018
Farmers in India have much to celebrate in this year's budget which prioritized their sector, giving agriculture US$ 225.5 billion. This money is to be spent on creating livelihoods and infrastructure in India's rural areas. In addition, US$314.41 million will be used to build agro-market infrastructure.

These are sums of money which are part of an agricultural funding package focused on boosting the rural economy and on doubling double farmers' incomes by 2022. Other agriculture and rural development monies include US$172.93 billion for institutional credit. This money can be borrowed by farmers to enhance a wide range of agri-industry economic activities including farming. For the fisheries and aquaculture farmers an additional US$1.57 billion is available. 

Agriculture is the key priority of the Indian Central Government Budget in the financial year which starts in February, 2018. Emphasising the Government's commitment to reduce rural poverty and inequalities, Mr Arun Jaitley, Minister of Finance and Corporate Affairs, said that reducing these inequalities will unlock rapid growth in the over-all Indian economy. The Central government, he said, would work hand in hand with State Governments to pursue increased agricultural productivity in rural areas throughout the country.

The Minister made these remarks at the Federation of Indian Chambers of Commerce and Industry Executive Committee Meeting on Budget. Participants at the meeting held on 5th February 2018, included Heads of Missions in New Delhi.