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Budget 2019: Farm reduction package deal of Rs 75,000 cr targetted at small and marginal farmers, says Finance Secretary

Farm reduction is just for small and marginal farmers, not all of them, mentioned AN Jha, Finance Secretary on the...

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Pic Courtesy: CNBCTV18 Twitter


Farm reduction is just for small and marginal farmers, not all of them, mentioned AN Jha, Finance Secretary on the CNBC-TV18 Budget Townhall on Saturday. He was speaking about  the announcement within the interim Budget 2019 on farm package deal and Universal Basic Income (UBI) to farmers.  He mentioned it’s untimely to speak about UBI for the time being. It shouldn’t be on the desk but, he added.

In the interim Budget 2019, Finance Minister Piyush Goyal introduced a reduction package deal of Rs 75,000 crore. This comes below a brand new scheme PM Kisaan Samman Nidhi for distressed farmers who’ve seen their incomes stagnate due to plunging costs, barely sufficient to pay for loans and enter prices. As a part of the package deal, that features an earnings help scheme, the federal government will switch a sum of Rs 6,000 per 12 months to farmers who come clean with two hectares of land.

“Assured income to be transferred via Direct Benefit Transfer in three equal instalments. This will be funded directly by the government of India,” Goyal mentioned whereas presenting the interim price range 2019-20.

The scheme shall be relevant from  1 December 2018, and can profit 12 crore farmers.

Pic Courtesy: CNBCTV18 Twitter

Sharing his ideas on measures for farmers, Amitabh Kant CEO of NITI Aayog mentioned that the federal government has initiated a spread of measures to spice up agriculture. He mentioned, states have to do a number of structural reforms on the subject of agriculture. However, Kant was assured that agriculture package deal will be rolled out in a short time.

Presenting the Budget 2019-20, Goyal referred to some bulletins made earlier for the good thing about the micro, small and medium enterprise (MSME) sector.

“Recently, a scheme of sanctioning loans up to Rs 1 crore in 59 minutes has been launched. GST-registered SME units will get 2 per cent interest rebate on incremental loan of Rs 1 crore,” Goyal mentioned.

He additional mentioned that quickly, companies with lower than Rs 5 crore annual turnover comprising over 90 % of GST payers shall be allowed to file quarterly return.

A committee assembly is being held on 8 February headed by Revenue and Commerce Secretaty to ease the problems of SMEs, mentioned PK Das,  PK Das, Chairman of CBIC, including that three particular refund drives had been organised to ease the crunch as a consequence of GST. An apex committee is already in place to cope with SME points, he mentioned.

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