Government is working on a new agriculture insurance scheme to ensure farmers are not left at the mercy of rains, Finance Minister Arun Jaitley said today, even as he hoped “We need higher growth on one hand and we need to flag the concerns of the economy in those sections where the benefits of that growth process must reach first rain gods will be kinder this year” and help check the prices of pulses and other food products.
He also expressed confidence that the economy was moving on an accelerated growth trajectory, while higher tax revenues, improving macroeconomic fundamentals and ongoing reforms make 8-10 per cent growth “eminently achievable”.
Monsoon was above normal in June with 25 per cent excess rainfall despite a late arrival as well as a drought-like prediction and the rest of the monsoon may also be good, he said.
“I hope their estimates turn out to be true and it appears that the rain gods may be kinder this year to us. The farm department has informed me that with better rainfalls in most parts of the country, even for pulses, which at the moment are a cause of concern, productivity is likely to be much higher this year.
Speaking at the Nabard Foundation Day function here, Jaitley said the “silver lining” is that revenue collection situation is expected to be more comfortable than last year.
He said with the ongoing reform process, proposed GST, increased infrastructure investment and emphasis on smart cities, 8-10 per cent GDP growth is very much “in the sight”.
Allaying fears of any poor monsoon-driven troubles for the farmers and the consumers, Jaitley said the government has taken a number of initiatives, including the recently announced Rs 50,000 crore programme for a national irrigation.
Promising more sustainable measures for the farm sector so that the farmers are not left to the mercy of rain gods, Jaitley said “hopefully, in the near future, a viable and vibrant insurance scheme will be in place for farmer
After Mamata, now Congress demands removal of GST from essential medical equipment
After Mamata Banerjee, now Congress has also demanded the removal of GST from essential medical d
Ranbir Kapoor said, Dad had said - don't do a film in which you have to wear dhoti
Ranbir Kapoor's film Shamshera is about to come. He is making funny revelations during the promot
The ninth round of talks between the central government and leaders of farmer organizations on ag
Steve Smith's controversial run-out decision in Ashes 2023: In Ashes 2023, another decision of th
The wait for Apple's annual event is over. The company's CEO Tim Cook has formally started it. Th
Nine months after the Russian invasion, the situation in Ukraine is grim. Amidst power cuts, and
The Federation of All India Medical Association (FIMA) has announced the closure of OPD services
After receiving a record 10,000 patients in 24 hours in Rajasthan, the government has imposed a 1
While addressing the people of Sikkim, Prime Minister Narendra Modi mentioned the Pahalgam terror
Currently, two Vande Bharat trains are operating in the country. Indian Railways is considering r