Union Budget 2019: Piyush Goyal announces initiative to enhance productivity of cattle, 2% interest subvention for disaster-hit farmers

In the last Budget session of the NDA government, Finance Minister Piyush Goyal on Friday announced the setting up of ‘Rashtriya Kamdhenu Ayog’ for enhanced productivity of cattle. The finance minister also announced a 2 percent interest subvention for farmers hit by natural calamities.

Goyal, who stepped in to present the budget for 2019-20 in the Lok Sabha in place of the indisposed Arun Jaitley, highlighted the government’s efforts for the optimisation of cattle resources through its initiative ‘Rashtriya Kamdhenu Ayog (named after a Hindu bovine goddess)’. “I announce the setting up of the Ayog to upscale sustainable genetic upgrade of cow resources and to enhance production and productivity of cows.

“The Ayog will also look after effective implementation of laws and welfare schemes for cows,” Goyal said.

He also said that the government will offer 3 percent more to farmers for timely loan payment and announced 2 percent interest subvention for farmers involved in animal husbandry and fishery. He said, “Animal Husbandry and Fisheries sector also needs considerable support. I have increased the allocation for Rashtriya Gokul Mission to 750 crore in the current year itself.”

The finance minister also announced schemes for the fishing sector and said that the government had decided to create a separate ‘Department of Fisheries’. “The sector provides livelihood to about 1.45 crore people at the primary level. The department will aim to provide sustained and focused attention towards the development of this sector.”

Goyal also said the government has fixed MSP for 22 notified crops at 50 percent higher than cost of production. There is need for structured income support for poor, landless farmers to meet input cost, the finance minister 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, Goyal noted.

With inputs from agencies