Government to focus on second green revolution

The Budget speech began with a reminder of ‘‘panch priorities’’, one of them being a second green revolution. This inter...

The Budget speech began with a reminder of ‘‘panch priorities’’, one of them being a second green revolution. This interim Budget has attempted to remedy some ills that ail the agriculture sector, extension of some successful schemes in the past and repackaging of some existing funds. Seeing the success of kisan credit cards, Jaswant Singh announced that all eligible farmers will receive kisan credit cards by March 31 this year and existing cards will be modified on individual request for use on ATM machines. Government had already reduced the rate of interest for crop loans by public sector banks to 9 per cent.

Singh, though did not state a figure, said that the Government has urged the banks to further lower the interest rates for agricultural purposes. He said banks are being advised to assess individual credit worthiness and to not routinely insist on additional collateral through a mortgage of the entire land holding. As a principle, collateral security should be proportionate to the value of the loan.

A committee has been set up under eminent agriculture economist Dr V. S. Vyas to work out new prescriptions relating to NPAs in relation to crop loan account. The committee will submit its recommendation within 90 days. This will address the problems faced by farmers in the availability of credit to them taking into account seasonability and uncertainty of farm incomes. He announced that the farm income insurance scheme will be extended to 100 districts. The extended coverage will commence from the forthcoming kharif season.

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There are two ailing sector — sugar and tea. For the tea industry, the Indian Banks Association has finalised a revival package at the behest of the Finance Ministry. Under this, a special tea term loan will be available with repayment period of five years, with a moratorium of one year.

For small tea growers, banks will provide fresh working capital limits up to Rs 2 lakh at an interest rate of 9 per cent. Singh also announced that government is to prepare a package for the revitalisation of sugar industry which is currently facing a complex web of problems.

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