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The third tranche of the Rs 20 lakh crore economic aid package announced by Finance Minister Nirmala Sitharaman focused on financing far-reaching reforms in the agricultural sector to not only revive economic growth but also unlock its latent potential by opening production and marketing routes. The measure is likely to generate long-term gains for farmers, marketers and consumers.
Here is the list of all the key measures announced by the finance ministry as part of the Aatma Nirbhar Bharat Special Package:
1. The government will amend the Commodities Law to allow better price realization for farmers, resulting in deregulation of food prices, including cereals, edible oils, oilseeds, legumes, onions and potato. The minister said the amendment would help attract investment and make the agricultural sector competitive. Stock limits, a feature of the old act, will be enforced in very exceptional circumstances, such as during national calamities, such as famine that sees an increase in prices.
Also read: Nirmala Sitharaman Covid-19 Special Package: Commodity Prices to Deregulate
2. A central law will be formulated to provide adequate options for farmers to sell products at an attractive price and for barrier-free interstate commerce. It will also establish the framework for electronic commerce of agricultural products. The move aims to end the fragmentation of markets available to farmers who are currently forced to sell only to authorized APMC sellers.
3. Rs 1 lakh crore Agricultural Infrastructure Fund for farm gate infrastructure for farmers for farm gate projects and aggregation points: primary agricultural cooperative societies, agricultural producer organizations, agricultural entrepreneurs, new companies, etc.
4. Rs. Rs 10 billion scheme for the formalization of Micro Food Enterprises (MFE) under the vision “Vocal for Local with Global Reach” shown by the Prime Minister. This will help 2 lakh MFE to achieve technical improvement, FSSAI food standards, brand building and marketing
5. Rs 20,000 crore for fishermen through Pradhan Mantri Matsya Sampada Yojana (PMMSY) for the integrated, sustainable and inclusive development of marine and inland fisheries and to fill critical gaps in the fishing value chain. Outside of this, Rs 11,000 crore will be allocated for activities in marine, inland fisheries and aquaculture and Rs. 9000 Cr for infrastructure, including fishing ports, cold chains, markets, etc. It is expected to generate an additional fish production of 70 lakh tons for 5 years and employment for more than 55 lakh people, apart from double export to Rs 1.00 billion.
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6. Rs. Rs 13,343 million was released for the National Animal Disease Control Program for foot-and-mouth disease (FMD) and brucellosis. It will help in the vaccination of 100% of the population of bovines, buffaloes, sheep, goats and pigs (total 53 crore animals)
7. A Fund for the Development of Livestock Infrastructure will be created for a value of Rs 15,000 crore with the aim of supporting private investment in dairy processing, added value and infrastructure for livestock feeding. Incentives to establish plants for the export of niche dairy products.
8. Promotion of herb cultivation with a fund of Rs 4 billion to cover 10,000,000 hectares of cultivated land in the next two years. It is expected to lead to Rs. Income generation of Rs 5 billion for farmers. The program hopes to create a network of regional markets for medicinal plants. The National Board of Medicinal Plants (NMPB) will bring an area of 800 hectares by developing a corridor of medicinal plants along the banks of the Ganges.
9. Rs 500 crore for beekeeping initiatives: development of infrastructure related to integrated beekeeping development centers, collection, marketing and storage centers, post-harvest facilities and value added etc. to customers
10. Rs 500 crore for Operation Green to avoid emergency sale leading to a reduction in the price of perishable fruits and vegetables at the farm level. All fruits and vegetables will be covered by this initiative for the next 6 months. It includes a 50% subsidy on transportation from surplus to poor markets and a 50% subsidy on storage, including cold warehouses. This is likely to result in better price realization for farmers, waste reductions, and product affordability for consumers.
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