 |
Saturday,
March 1, 2003, Chandigarh, India  
|
Urea price up
Income tax on agriculture income proposed by the Kelkar Committee was given a goby by the Finance Minister in the Budget as it had evoked widespread criticism. “A second revolution, to follow the earlier Green Revolution, is the vital need of today,” he said, presenting his Budget in Parliament. The agriculture, rural development and irrigation sectors have garnered 8 per cent of the central plan outlay. He said “agriculture, the life line of our economy, after giving the country on adequate food security is now again at the cross roads as it prepares to diversify and move up the value chain. It also needs to respond robustly to second generation issues such as land degradation and water logging. Diversification, resonance with market forces and a swift adoption of sunrise technology are the other needs.” Customs duty on refrigerated trucks reduced from 25 to 20 per cent for promoting food processing and transporting agricultural products, he said. Expressing concern that the full benefits of the declining rates of interest had not percolated to critical sectors like agriculture and the small scale industry, Mr Jaswant Singh said “agriculture and SSI will have to pay no more than an extra two percentage points than the best bank customers.” He said private banks would be encouraged to open branches in the rural areas to service both farm and non-farm sectors. “I will also examine afresh this whole question of franchising agricultural credit, including through post offices,” Mr Jaswant Singh said. The Finance Minister announced that the “issue price of fertiliser would be raised by a modest amount of Rs 12 for urea and Rs 10 for DAP and MOP, per 50 kg bag. The price of complex fertilisers would also be suitably modified.” Reasoning the hike, he said this had been done in view of the likely increase in naptha and gas feedstock, at least the fertiliser subsidy had to be contained. The Opposition members were up on their feet opposing the hike, calling it anti-farmer. Even the BJP joined other political parties in criticising this move of the government. For the biotech sector, the minister announced that those units engaged in R&D in the biotechnology and pharmaceutical sectors, had decided to remove the existing restriction of minimum export obligation of Rs 20 crore for availing exemption from customs duty for specified equipments. He also announced customs duty exemption for specified equipments. For the sugar sector, which was reeling with the problem of accumulated stocks, the minister said a comprehensive scheme would soon be announced. For the plantation sector, he announced price stabilisation fund of Rs 500 crore for the benefit of tea, coffee and natural rubber growers. To provide a fillip to the animal husbandry and dairy industry, the minister proposed to reduce the basic customs duty on specified veterinary drugs from 15 to 10 per cent. Taking lessons from the recent drought, which affected more than a dozen states, Mr Jaswant Singh said states were being encouraged to promote drip and sprinkler
irrigation through supply of equipment at subsidised rates. “A bipartisan task force headed by the Andhra Pradesh Chief Minister will be constituted  |
||||||
|
New Delhi, February 28 |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 123 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
New Delhi, February 28