Goyal announces 2 pc interest subvention for farmers hit by natural calamities

Government has fixed MSP for 22 notified crops at 50 per cent higher than cost of production.

New Delhi: Seeking to address distress in farm sector, Finance Minister Piyush Goyal on Friday announced a 2 per cent interest subvention for farmers hit by natural calamities, while offering 3 per cent more to them for timely loan payment.

Goyal, who stepped in to present the budget for 2019-20 in the Lok Sabha in place of indisposed Arun Jaitley, also said also announced 2 per cent interest subvention for farmers involved in animal husbandry and fishery.

Farmers hit by natural calamities will get 2 per cent interest subvention and 3 per cent more on timely repayment of loans, he said.

Further, the finance minister said the government will provide Rs 750 crore to support animal husbandry and fishing. He also said the government has fixed MSP for 22 notified crops at 50 per cent higher than cost of production.

There is need for structured income support for poor, landless farmers to meet input cost, the FM said, adding that the government will also implement special strategy for uplift of nomadic tribes.

He said pension scheme for unorganised sector workers will be implemented from this fiscal. High growth, formalisation of the economy has resulted in increased EPFO membership by 2 crore in last two years, he noted.