Loans up to Rs 50 lakh for self-employed agricultural groups; Rs 500 crore for rubber subsidy

THIRUVANANTHAPURAM: The budget presentation of the second Pinarayi government is progressing. The full budget is presented in the legislative assembly by Finance Minister K N Balagopal. The major announcements in the agricultural sector are as follows:

1. A value-added agricultural mission will be established.
2. The crisis in the plantation sector will be resolved. New crops will be included under the definition of plantation, along with rubber, coffee and tea. Rs 500 crore will allotted for rubber subsidies. The price, production and sale of rubber will be increased. This year, Rs 50 crore will be set aside for the project of adding rubber compounds along with tar in the road constructions to be undertaken by the Public Works Department (PWD) and KIIFB as part of the construction of rubberized roads.
3. Self-employed agricultural groups will be provided with loans up to Rs 50 lakh, for purchasing agricultural equipment and machines. Out of this 25 per cent or Rs 10 lakhs or whichever is less, will be subsidized. Rs 20 crore will be allotted for the project.
4. Rs 2 crore will be allotted for a project that aims to provide opportunities for the farmers in the state to understand the best practices in agriculture and the latest technologies used in India and other countries.
5. Rs 5 crore will be allotted as capital investment for Kerala Agro Machinery Corporation, a manufacturer of various agricultural machinery.