Agriculture Current Affair 20 July 2022

Centre receives Rs 23,000 crore proposals under Agriculture Infrastructure Fund

The Centre has received proposals envisaging an investment of Rs 23,000 crore under the Agriculture Infrastructure Fund (AIF), Union Minister for Agriculture and Farmers Welfare Narendra Singh Tomar said on Friday.

The AIF set up in 2020 aims at providing a medium-long term debt financial facility till 2025-26 for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.

AIF with a corpus of Rs 1 lakh crore will be disbursed through loan by 2025-26, ministry officials had said earlier.

IPGA urges government to reinstate exemption of GST levied on pre-packed and pre-labelled agri products

India Pulses and Grains Association (IPGA), the apex body for the pulses trade and industry in India has urged the government to reinstate the exemption of GST levied on pre-packed and pre-labelled agri products.

IPGA has also raised concerns about the apprehension among traders and the unfavourable impact on farmers’ and consumers interest. IPGA is of the opinion that levying GST will further increase the domestic prices of pulses.

Mr. Bimal Kothari, chairman, IPGA said, “With regards to the levy of 5% GST on pre-packaged and pre-labelled agri products on basis of the recommendations given by the GST Council, IPGA is not in concurrence with the government on this specific policy. This notification issued by the Ministry of Finance is not in favour of both the farmers and end consumers. It will hurt the interest of domestic trade which is already severely impacted by the pandemic and other market conditions. We would like to draw the attention of the Government towards the effect on the trade which is hesitant now to operate in the domestic market. India is inching toward becoming self-reliant in pulses and such policies will act as speed breakers in the road of growth and progress. This is defeating the very purpose of the Government’s goals of doubling farmers’ income and self-sufficiency in agriculture.”

Average farm income soars 1.3-1.7 times in FY22 from FY18: SBI Research

The income of farmers has grown in the range of 1.3-1.7 times in FY22 from the FY18 levels on average while grain exports soared to over USD 50 billion, says an SBI Research report.

For certain crops in some states (like soyabean in Maharashtra and cotton in Karnataka) farmers’ income more than doubled in FY22 from FY18 levels, while in all other cases it rose in the range of 1.3-1.7 times.

The increase in the income of farmers engaged in cash crops has been more prominent compared to farmers growing non-cash crops, SBI NSE 2.14 % chief economist Soumyakanti Ghosh said in an elaborate report on Sunday.

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