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Friday, June 14, 2024
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Punjab Hikes 66% in Agriculture Sector Allocation

Chandigarh: The Punjab government has made an increase of over 65 per cent in the budgetary allocation to the agriculture sector.


Terming agriculture as a priority sector, the State Finance Minister Manpreet Badal announced a hike in the allocation from Rs 6,383.01 crore in 2016-17 to Rs 10,580.99 crore in 2017-18. The government has also increased the compensation for crop damage due to natural calamities from Rs 8,000 to Rs 12,000 per acre.


The government has earmarked an amount of Rs 5 crore for ‘Paddy Straw Management Challenge Fund for Innovation’ to encourage innovation to address the issue of stubble burning.


It is pertinent to note that Punjab annually generates about 20 million tonnes of paddy residue, out of which only four million tonnes of paddy residue find their use through alternative methods like generating biogas.


Punjab government has also decided to amalgamate all 20 district central cooperative banks (DCCBs) with the Punjab State Cooperative Bank.