Arab Today, arab today india pledges billions for farmers
Last Updated : GMT 19:43:22
Arab Today, arab today
Arab Today, arab today

In 'populist' budget

India pledges billions for farmers

Arab Today, arab today

Arab Today, arab today India pledges billions for farmers

India has pledged to spend $5.2 bn to double the income of struggling farmers and boost a rural employment scheme
New Delhi - Arab Today

India's government promised billions of dollars to help struggling farmers and boost the rural economy as it unveiled its annual budget on Monday, looking to kickstart growth and bolster its flagging popularity.

India is now the world's fastest-growing major economy. But two years of drought and a failure to create jobs for a burgeoning young population has left millions of rural residents struggling and led to deadly protests in recent weeks.

The government came to power nearly two years ago promising to transform India's economic fortunes. But it has been hampered by the global economic slowdown and a failure to push much-needed reforms through parliament.

Finance Minister Arun Jaitley acknowledged the challenges as he presented the budget in parliament, but said he had a "vision to transform India".
"We have a desire to provide socio-economic security to every Indian, especially the farmers, the poor and the vulnerable," he said.

"We have a dream to see a more prosperous India and a vision to transform India."

Jaitley pledged to spend 359 billion rupees ($5.2 billion) on doubling the income of India's estimated 120 million farmers over the next five years through measures including a crop insurance scheme and better access to markets.

The vast farming sector is suffering after two years of weak monsoon rains, and from high inflation.

The budget outlined plans to raise credit available to farmers to nine trillion rupees for 2016-17, and pledged to ensure all the country's villages have electricity within two years.
The government will increase spending on the National Rural Employment Guarantee Scheme, which guarantees 100 days of employment on public works each year for any household that requests it.

Prime Minister Narendra Modi  previously called the scheme a "living monument" to the "failures" of the previous Congress-led government.

- Stalled reforms -

Analyst Samir Saran said the ruling Bharatiya Janata Party (BJP) was "responding to the political reality" before state elections this year and next.

"The BJP has to lay greater emphasis on social policy, it has to deliver a more populist budget," said Saran, a senior fellow at the Observer Research Foundation think tank.
The BJP needs to perform well in those elections in order to push stalled economic reforms through the national parliament's upper house, where it lacks a majority.

These include Modi's flagship plan to introduce a national Goods and Services Tax to replace myriad complex state and national levies seen as deterring much-needed investment.

India is considered a relative bright spot in the world economy, but feeble global demand has caused its exports to shrink for 14 months and investment remains weak.

The opposition Congress party dismissed the budget as "a wasted opportunity".

"What is the one big takeaway for the average citizen? It is that there is no big idea," said Congress spokesman P. Chidambaram.

The main Sensex index on the Bombay Stock Exchange closed down 0.66 percent after the budget, which included a hefty 23 percent pay rise for millions of civil servants and a pension scheme for retired soldiers.
The two schemes will add billions of dollars to the government's spending bill over the next year, but Jaitley said it would stick to its ambitious target to cut the fiscal deficit to 3.5 percent of GDP in 2016-17.

The government plans to counter big spending pledges with double-digit increases in tax collection -- with plans to bring more people into the tax net, raise levies on cigarettes and SUVs and increase an income surcharge on the super-rich.

Jaitley also pledged to spend 2.21 trillion rupees on improvements to roads and other infrastructure.

The government will also inject 250 billion rupees into public-sector banks, which are weighed down by bad loans.

Despite a major push to boost manufacturing, farming remains by far the biggest employer in India.

Earlier in February the Jats, traditionally a farming caste, sparked riots in northern India to press demands for better access to government jobs and education. They say they are struggling to make a living.

The BJP performed poorly in elections in the impoverished eastern state of Bihar last year and faces polls in other major farming states this year and next.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india pledges billions for farmers Arab Today, arab today india pledges billions for farmers

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday