Finance Minister Harish Rao says that every penny spent on agriculture is highly productive.
As expected, agriculture and allied sectors have been given the highest priority in terms of allocation in the budget of 2021-21, Finance Minister T. on Thursday. Presented to the Legislative Assembly by Harish Rao in which the agriculture sector alone will receive an outlay of ₹ 25,000 crore.
It is the agricultural sector that has not helped the Gross State Domestic Product (GSDP) slip into the red as it did at the national level.
As the minister said in his budget speech, GSDP has registered a modest growth of 1.3% in 2020-21, a sharp decline from 13.5% in 2019-20, due to the impact of COVID-19 on the economy, -3.8% National level by 7.8% growth over the previous year.
According to the socioeconomic outlook released by the government for 2021 with annual financial statements, the agriculture sector has contributed an unprecedented 20.9% to GSDP in 2020-21, despite adverse conditions.
The contribution of agriculture sector to GDP at the national level is 3% in the financial year.
In 2019-20, the contribution of agricultural sector to GSDP was 26.2%.
The document states, “The average growth rate of the agriculture sector has been 14.5% during 2016-17 to 2020-21”.
“It can be said without hesitation that the agricultural sector has played an important role even during the difficult times of Corona. This has become possible due to the steps taken for reuse of agriculture and allied sectors since the formation of the state. Progressive initiatives in the agricultural sector did not go in vain. It is clear that from the growth achieved despite significant time, that every penny spent on agriculture is highly productive, ”Mr. Harish Rao, in his budget speech, described the role of the agriculture sector.
Farm mechanization
Realizing the growing importance of mechanization in farming, the government has allocated ₹ 1,500 crore to encourage agricultural mechanization – including the purchase of machinery, tractors and equipment.
The minister said that a total of 44 14,644 crore subsidies have been provided during the last five years.
Similarly, the allocation for Rayathu Bandhu, 14,800 crores, u 1,200 crores for Ruetu Bima, for animal husbandry, dairy development and fisheries is 1,730 crores.
As announced in the previous budget (2020-21), the government has allocated ₹ 5,225 crore for the implementation of the second phase of agricultural loan waiver during 2021-22.
With paddy cultivation in 52.29 lakh acres in this rabi season, Telangana tops the country, followed by Tamil Nadu with 25 lakh acres and Andhra Pradesh with 20.9 lakh acres.
“Harish Rao said in his budget speech,” Those who consider Telangana farmers as incapable of farming are now jealous of the significant development of the agricultural sector in the state. “
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