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Finance Minister Arun Jaitley announces Rs 8,000 crore infrastructure fund to promote Dairy Farmers

Finance Minister Arun Jaitley on Wednesday made the announcement of rs 8000 cr a Dairy Processing Infrastructure Fund to promote dairy industry and farmers

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Finance Minister Arun Jaitley, Facebook
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New Delhi, Feb 1, 2017: Finance Minister Arun Jaitleyon Wednesday announced a Dairy Processing Infrastructure Fund with Rs 8,000 crore corpus would be set up to promote dairy farmers.

He also announced a plan to create a dedicated micro irrigation fund with initial amount of Rs 5,000 crore under the National Bank for Agriculture and Rural Development (Nabard).

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Presenting the budget for the financial year 2017-18 in Lok Sabha, Jaitley said: “My approach in preparing the budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.”

“For 2017-18 we have proposed to set up Dairy Processing Infrastructure Fund under Nabard, with corpus of Rs 8,000 crore,” Jaitley said.

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The FinanceMinister anticipated that because of better monsoon this year, agriculture was expected to grow at 4.1 per cent in the current year.

He said that issuance of soil health card have gained momentum across the country which benefited the farmers.

“We will set up a mini lab in Krishi Vigyan Kendras to boost issuance of soil health cards,” Jaitley said. (IANS)

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Lok Sabha passes amendment bill on GST cess

Union Finance Minister Arun Jaitley said that change in the GST rates was a "natural" process and linked to the rise in tax collection.

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Lok Sabha passed the GST bill today
Lok Sabha passed the GST bill today

The Lok Sabha on Wednesday passed an amendment bill that seeks to replace an ordinance in which tax rates on motor vehicles was hiked to a maximum of 25 per cent under the Goods and Services Tax (GST) regime.

The House took up for discussion the GST (Compensation to States) Amendment Bill, 2017 amid din as the Congress and Trinamool Congress members raised slogans and banners protesting against union minister Anant Kumar Hegde’s “amend the Constitution” remarks.

 

The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.
The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.

Responding to the contention of opposition members who took part in the debate, Union Finance Minister Arun Jaitley said that change in the GST rates was a “natural” process and linked to the rise in tax collection.

The government had issued an ordinance in September to increase cess on motor vehicles,including large cars and sports utility vehicles, from 15 per cent to 25 per cent.

The Cabinet had earlier cleared the bill that seeks to replace the ordinance. IANS

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