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Farmers seek Rs 5-lakh loan at 4%, higher support price

During pre-Budget consultations with Finance Minister Arun Jaitley, FAI also sought introduction of direct transfer of urea subsidy to farmers and higher budget allocation for next three years.

Policy Pulse
Publish Date: Jan 5 2016 2:38PM | Updated Date: Jan 5 2016 2:52PM

Farmers seek Rs 5-lakh loan at 4%, higher support price

Farmer groups and agriculture experts have asked the government to provide loans of up to Rs 5 lakh to all farmers at 4% interest and sought higher support price, increased coverage of crop insurance and consistent export policy.

 

During pre-Budget consultations with Finance Minister Arun Jaitley, fertiliser industry body FAI sought introduction of direct transfer of urea subsidy to farmers and higher budget allocation for next three years to clear arrears of Rs 50,000 crore.

 

They recommended exemption of income tax on profit made by farmer producers’ organisations and agri-cooperatives, creation of buffer stock of milk powder and outright ban or increase in import duty of butter oil and imposition of safeguard duty on import of rubber.