1. The government has given exemption from service tax to certain pre-cold storage services for fruits and vegetables, a move aimed at promoting food processing sector and checking price rise of perishable items.
2. The Finance Minister has set a positive tone for growth, balanced with support for Agriculture sector. Focusing on agriculture, the Budget lists a number of schemes that would boost the rural economy.
a. ₹5,300 crore towards micro-irrigation, the Rural Infrastructure Development Fund (RIDF) under Nabard, Long Term Rural Credit Fund, Short Term Co-operative Rural Credit Refinance Fund and Short Term RRB Refinance Fund.
b. The farmers being empowered with the target of ₹8.50 lakh crore agricultural credit during the year.
c. With regard to the Budget 2015, widely expected to be a landmark budget, more stimulus is promised for the agri-biotech industry to enable more productive and long-term gains for the sector.
d. The creation of a unified national agriculture market, a renewed focus on micro-irrigation, as well as initiatives to improve rural infrastructure and an increase in farm credit are the highlights.
e. Both the farmers and the agriculture sector have got a bonanza with the Centre announcing a slew of initiatives to make more funds available. The target for agriculture credit for 2015-16 has been set at ₹8.5 lakh crore compared to ₹8 lakh crore during 2014-15.
f. An allocation of Rs 15,000 crore for long term rural credit fund, Rs 45,000 crore for short term cooperative rural credit refinance fund and Rs 15,000 crore for short term RRB (regional rural banks) refinance fund.
g. While the Budget apportioned nearly Rs. 73,000 crore toward fertiliser subsidies, industry players were disappointed with the lack of urgency displayed by the government with regard to raising urea prices, clearing outstanding subsidy payments while also reducing subsidy allocation for non-urea fertilisers this fiscal.
h. The emphasis on expanding the irrigation coverage in the Budget and promoting water use efficiency is reflected in the quantum jump in allocation for the micro irrigation and watershed development schemes at ₹5,300 crore against ₹1,000 crore provided for the Pradhan Mantri Krishi Sinchai Yojana launched last year.
3. Private sector companies like ITC, Cargill & Adani suggest FCI to invest in new technology for procurement, storage and movement of grains in north eastern states.
4. The 3 day Indian Science Congress Association's Tirupathi chapter event was successfully held in MITS college, Madanapalle from 27thFeb to 1stMarch'15. The Founder & Director of AgriSolve also presented his views at the coveted event on topics viz. Horseley Hills Case Study, Agri Poetry & Literature, Organic & Natural Farming vs Modern Farming, Maintaining the balance - 7 Point formula.
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