FM sows mega stimulus package for agri, allied sectors

Source : IANS
Author : IANS
Last Updated: Sat, May 16th, 2020, 12:19:39hrs
FM sows mega stimulus package for agri, allied sectors

New Delhi: Finance Minister Nirmala Sitharaman on Friday came out with a mega agriculture fiscal package to build local brands, cold-chain infrastructure and promote animal husbandury and fisheries in the country.

Not just fiscal measures, regulatory reforms will also be carried out, Sitharaman said.

She pointed out that amendments to the Essential Commodities Act will be made and a legal route would be taken to free the farmers to sell their produce in any market that provides remunerative prices, rather than restricting such sales only to the licencees in the APMC.

Detailing the measures under the mega Rs 20 lakh crore economic package as part of the Centre's 'Self-reliant India Movement', which was earlier announced by Prime Minister Narendra Modi, Sitharaman doled out massive fiscal support to agriculture and allied activities.

Speaking about the stimulus measures, she announced that Rs 1 lakh crore would be spent to create warehouses and cold chains for the agriculture sector.

Besides, she announced a Rs 10,000 crore cluster-based manufacturing scheme for nutritional products.

She said that the scheme is in line with the Prime Minister's call for 'Vocal for Local' with global outreach.

It is expected to help 2 lakh MFEs attain FSSAI gold standards, build brands and boost marketing.

The announcements were part of the third tranche of the Rs 20 lakh crore economic package announced by the Prime Minister on Tuesday.