Agri stocks gain as govt gives Rs 36,000 cr to farm sector

Aiming to double farmers income by 2022, Finance Minister Jaitley announced an allocation of nearly Rs 36,000 crore for the farm sector while raising the agri-credit target to Rs 9 lakh crore for the next fiscal.

By: PTI | New Delhi | Updated: February 29, 2016 7:16 pm
Budget 2016 LIVE: Finance Minister Arun Jaitley arrives at the Parliament to present the federal budget for the 2016/17 fiscal year, in New Delhi, India, February 29, 2016. (REUTERS/Adnan Abidi ) Finance Minister Arun Jaitley arrives at the Parliament to present the federal budget for the 2016/17 fiscal year, in New Delhi. (Reuters)

Shares of companies related to agriculture business rose by up to 7 per cent on Monday after Finance Minister Arun Jaitley announced an allocation of nearly Rs 36,000 crore for the farm sector and higher credit target, aimed at doubling farmer incomes in 5 years.

Jain Irrigation Systems soared 7.13 per cent, PI Industries surged 5.5 per cent, Kaveri Seed Company (4.28 per cent), Monsanto India (3.24 per cent) and Rallis India (2.46 per cent) on BSE.

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Aiming to double farmers income by 2022, Finance Minister Jaitley announced an allocation of nearly Rs 36,000 crore for the farm sector while raising the agri-credit target to Rs 9 lakh crore for the next fiscal.

Watch | Union Budget 2016: Analysis of Jaitley’s Budget in Videos

He also allocated Rs 15,000 crore for interest subvention on the farm credit, Rs 5,500 crore for the new crop insurance scheme and Rs 500 crore to boost pulses output.

“Our total allocation on agriculture and farmers welfare is Rs 35,984 crore,” Jaitley said.

Stating that irrigation is critical for increasing the agricultural production and productivity, he said,” the Pradhan Mantri Krishi Sichai Yojana has been strengthened and implemented in mission mode.”

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