Budgeting for agriculture and food
The Union Budget 2023-24 was presented against the backdrop of some critical geopolitical developments and was the last full budget before the next general elections. Signicantly, 2023 is also the year
The Union Budget 2023-24 was presented against the backdrop of some critical geopolitical developments and was the last full budget before the next general elections. Signicantly, 2023 is also the year
New Delhi: States from southern and western India like Tamil Nadu, Karnataka and Maharashtra seem to be taking the lead in getting approval for more projects under the Jawaharlal Nehru National Urban Renewal
JAIPUR: With increase in allocation of funds for projects running under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) in the Union budget, the Jaipur City Transport Services Limited (JCTSL) has geared up to submit proposals for 500 new low-floor buses. Already 100 new buses have been added to the JCTSL making the total strength of low-floor buses to 400. The additional 500 new buses will boost the public transportation in Jaipur.
Is the wind favourable or unfavourable? Experts are divided on the long-term benefits of re-introduction of generation-based incentive (GBI) for wind energy, announced in the Union budget, on the State’s wind sector. New wind mills of 1,084 MW capacity were commissioned last year, which was one third of what the country achieved during 2011-2012. Tamil Nadu tops the list of States in wind energy with an installed capacity of about 7,100 MW, accounting for around 40 per cent of wind mills in the country.
PUNE: The state government has drafted a plan to produce 80,000 quintal seeds for coming monsoon. The state cabinet has cleared the plan and the instructions have been issued to regional offices. The seeds of jowar, bajra, rice, wheat other cereals and oily seeds are part of the project. The farmers, who would join the programme and produce seeds at their farm will get assured purchase price of Rs 500 per quintal. The state has so far sanctioned Rs 4 crore for it.
BHUBANESWAR: Odisha appears to have missed the second green revolution, already. Even though the state received Rs 217.25 crore under the centrally-funded 'Bringing the Green Revolution to Eastern India' (BGREI) programme in 2012-13, second to only West Bengal's allocation of Rs 269 crore, the yield has actually nosedived in Odisha since its launch in 2010-11. This has raised question marks over the implementation strategy because the scheme under Rashtriya Krishi Vikas Yojana gives top priority to boost rice production.
15% allowance on capital expenditure would help PSUs, too India Inc has a good reason to step up capital expenditure (capex). With the Budget proposing an additional investment allowance of 15 per cent for assets acquired and installed in the next two years for over Rs 100 crore in capital spending, companies are expected to get a total benefit of Rs 25,000 crore. According to an estimate by the Centre for Monitoring Indian Economy (CMIE), India Inc plans fresh capital expenditure of around Rs 5,00,000 crore in 400 projects in the next two financial years.
Oil-marketing companies (OMCs) have decided to increase petrol prices by Rs 1.40 per litre with effect from Friday midnight. With this, petrol price in Delhi would be Rs 70.46 a litre now. The last price hike was on February 16. Between then and now, international petrol prices rose from $128.57 per barrel to $131 per barrel, which necessitated price revision, said an IndianOil Corporation (IOC) release. The rupee has also depreciated from Rs 53.43 to Rs 54.15 versus dollar in the same period.
As the State had performed appreciably along various fiscal parameters amid a slowdown at the national level, Haryana Finance Minister Harmohinder Singh Chattha did not levy any fresh taxes while presenting the Budget for 2013-14 in the Assembly on Friday. To achieve the objective of “Faster, Inclusive and Sustainable Growth” in the 12th Five Year Plan, Mr. Chattha proposed an outlay of Rs.27,071.32 crore, which included an Annual Plan of Rs.18,000 crore, which was 24 per cent higher than in the previous fiscal. An additional outlay of Rs.2,352.65 crore through Centrally-sponsored schemes is expected to raise the composite Plan outlay to Rs.20,352.65 crore.
FM allocates Rs 10,000 cr to implement the programme; this is apart from the usual food subsidy requirement of Rs 80,000 cr for the year The most ambitious social security programme of the government, the National Food Security Bill, got a leg-up in the 2013-14 Budget, with Finance Minister P Chidambaram allocating Rs 10,000 crore for implementing it.This allocation is over and above the usual food subsidy requirement of Rs 80,000 crore for the year.
Interest subvention scheme to include private sector commercial banks Acknowledging that the large farming community had delivered despite difficult conditions, Finance Minister P Chidambaram said it was due to them that agriculture had continued to perform well. "The average annual growth rate of agriculture and allied sectors during the 11th Plan (2007-12) was 3.6 per cent against 2.5 per cent and 2.4 per cent in the 9th and 10th Plans, respectively. In 2012-13, total foodgrain production will be over 250 million tonnes. Farmers have responded to the price signals and produced more," he said.