Rs 41.4 billion allocated in agriculture, an increment by Rs 6.6 billion in agriculture as compared to last FY

Fri, May 29, 2020 12:15 PM on Economy, Latest,
Rs 41.4 bi...

The government has allocated Rs 41.4 billion for the agriculture sector.

The allocation, an increment by Rs 6.6 billion in agriculture as compared to last FY, means to double agricultural production through cooperative, contract and modern farming with the investment of private sector, said Finance Minister Dr Yuba Raj Khatiwada while presenting budget estimates for the fiscal year, 2020/21 at the federal parliament on Thursday.

The government has a plan to become self-reliant in agriculture by carrying out sustainable development in agriculture through agricultural modernisation, commercialisation and mechanisation. Barren lands would be utilised to double agricultural products and lands provided to landless squatters, said the minister.

Likewise, Rs 34.8 billion was set aside in agriculture in the FY, 2019/20, Rs 23.6 billion in FY, 2018/19 and Rs 26.8 billion in FY, 2017/18. According economy survey, agricultural produce was at 3.1 percent in the last FY. Contribution of agricultural sector to the total gross domestic production is 27 percent and around 1 million hectares of lands are barren.

Likewise, Rs 11 billion has been set aside for the subsidy in fertilisers. Similarly, Rs 3.2 billion has been allocated for each local level under the Prime Minister Agriculture Modernisation Project, while Rs 1 billion through fiscal transfer for local level to engage unemployed youths and those who have returned home from foreign countries as a result of global COVID-19 pandemic.

Also, Rs 27.9 billion has been allocated for the construction of the national pride irrigation projects for the sustainable development of agriculture.