Union Budget 2016 was presented by Finance Minister Arun Jaitley with the avowed aim of doubling farmers’ income in the next 5 years – the budget is heavily tilted in favour of the agriculture sector. However, in its reaction, Bhartiya Kisan Union (BKU) has given a thumbs down to the Budget.
BKU national spokesman Rakesh Tikait said Rs 5,500 crore allocated for the new crop insurance scheme will benefit insurance companies and not farmers.
The goal of doubling farmers’ income in the next five years is a dream. Its is not possible when farmers are committing suicide due to the pressure of the huge debts. The government has not given funds to free farmers from debts, he said.
Aiming to double farmers’ income by 2022, Finance Minister Arun Jaitley had announced an allocation of nearly Rs 36,000 crore for the farm sector while raising the agri-credit target to Rs 9 lakh crore for the next fiscal.
He also allocated Rs 15,000 crore for interest subvention on the farm credit, Rs 5,500 crore for the new crop insurance scheme and Rs 500 crore to boost pulses output.