India's govt steps up funding of farm sector to lift stuttering economy | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
May 29, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, MAY 29, 2025
India's govt steps up funding of farm sector to lift stuttering economy

Global Economy

Reuters
01 February, 2020, 01:00 pm
Last modified: 01 February, 2020, 01:12 pm

Related News

  • Indian Investors earn INR11 lakh crore as Sensex zooms to record high
  • India markets to cheer likely third term for Modi, hope for reforms
  • Market bulls tout Modi premium as Indian election nears
  • Adani's grip on India's economy fuels rebound after Hindenburg
  • India inflation seen easing in March on softening food price rises

India's govt steps up funding of farm sector to lift stuttering economy

Agriculture accounts for 15% of India's gross domestic and a source of livelihood for more than half of the country’s 1.3 billion population

Reuters
01 February, 2020, 01:00 pm
Last modified: 01 February, 2020, 01:12 pm
A worker spreads rice for drying at a rice mill on the outskirts of Kolkata, India, January 31, 2019/ Reuters
A worker spreads rice for drying at a rice mill on the outskirts of Kolkata, India, January 31, 2019/ Reuters

India's government announced billions of dollars of state funding to help the sprawling farm sector in its 2020/21 federal budget on Saturday, aiming to get broader economic growth back up from its lowest in a decade.

Finance Minister Nirmala Sitharaman, presenting the budget for the financial year beginning April 1 to parliament, said there was a need to liberalise farm markets and the government was committed to doubling farmers' income by 2020.

Agriculture accounts for 15% of India's gross domestic and a source of livelihood for more than half of the country's 1.3 billion population.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Sitharaman said 2.83 trillion Indian rupees ($39.82 billion) will be allocated for agriculture and allied activities including helping farmers set up solar power generation units as well as establish a national cold storage to transport perishables.

"Farm markets need to be liberalized, farming need to be made more competitive" she said.

India is grappling with its worst economic slowdown in a decade. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09.

In its annual economic report, released on Friday, the government predicted that growth would rebound to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have to exceed its deficit target to revive growth.

"People have reposed faith in our economic policy," said Sitharaman to the thumping of desks in parliament. "This is a budget to boost their income and enhance their purchasing power." She is expected to announce a further step up in state funding on infrastructure and loosen the fiscal deficit target to allow for the increased expenditure.

Sitharaman also set aside 690 billion rupees for the health sector, up marginally from last year's allocation as the government seeks to implement an ambitious scheme to provide health insurance for millions of people.

Economists in a Reuters poll predicted the government would set a fiscal deficit target of 3.6% of GDP for 2020/21, up from 3.3% targeted for the current year.

Some experts said global trade tensions and the outbreak of coronavirus in China, which has killed more than 250 people so far, pose a new risk to economic recovery by hitting cross-border commerce and supply chains.

"The economic recovery is likely to be slow and shallow despite the recent measures to boost investments," said Anagha Deodhar, an economist at ICICI Securities.

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the budget.

In early trade shares slipped in reaction to an overnight shakeout in global markets on growing concerns about the economic impact of the coronavirus outbreak in China.

World+Biz / Top News

India economy / Indian annual budget / India's Farm sector

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • US President Donald Trump speaks during a swearing-in ceremony of Special Envoy Steve Witkoff in the Oval Office at the White House in Washington, DC, US, May 6, 2025. REUTERS/Kent Nishimura/File Photo
    US court blocks most Trump tariffs, says president exceeded his authority
  • Infograph: TBS
    Businesses set for relief as interim govt eyes major tax & fine cuts
  • He said there was a need to build a new architecture—one that promotes inclusion, empowerment, and sustainability at every level, adding that this is where Asia could lead. Photo: UNB
    Transform Asia into a beacon of shared prosperity: CA Yunus tells Nikkei Forum in Tokyo

MOST VIEWED

  • Google Pay. Photo: Collected
    Google Pay likely coming to Bangladesh soon
  • IFIC Bank receives Tk6,000 cr in new deposits in six months
    IFIC Bank receives Tk6,000 cr in new deposits in six months
  • Dhaka areas at a gridlock on Wednesday, 28 May 2025. Photo: Syed Zakir Hossain/TBS
    BNP, Jamaat rallies: Traffic clogs Dhaka roads, including Motijheel, Paltan, Dainik Bangla intersection
  • Abdul Awal Mintoo, chairman of National Bank Limited. Sketch: TBS
    'Regulatory support must for National Bank to restore depositors' confidence'
  • Mohammad Abdul Mannan, chairman FSIB Ltd. Sketch: TBS
    FSIB to bounce back soon
  • Mohammad Mamdudur Rashid, managing director and CEO, UCB. Sketch: TBS
    Customers’ trust and confidence fueling deposit growth at UCB

Related News

  • Indian Investors earn INR11 lakh crore as Sensex zooms to record high
  • India markets to cheer likely third term for Modi, hope for reforms
  • Market bulls tout Modi premium as Indian election nears
  • Adani's grip on India's economy fuels rebound after Hindenburg
  • India inflation seen easing in March on softening food price rises

Features

In recent years, the Gor-e-Shaheed Eidgah has emerged as a strong contender for the crown of the biggest Eid congregation in the country, having hosted 600,000 worshippers in 2017. Photo: TBS

Gor-e-Shaheed Boro Maath: The heart of Dinajpur

2d | Panorama
The Hili Land Port, officially opened in 1997 but with trade roots stretching back to before Partition, has grown into a cornerstone of bilateral commerce.

Dhaka-Delhi tensions ripple across Hili’s markets and livelihoods

3d | Panorama
Photo: Collected

Desk goals: Affordable ways to elevate your study setup

3d | Brands
Built on a diamond-type frame, the Hornet 2.0 is agile but grounded. PHOTO: Asif Chowdhury

Honda Hornet 2.0: Same spirit, upgraded sting

3d | Wheels

More Videos from TBS

The fight between two brothers; Adidas vs Puma

The fight between two brothers; Adidas vs Puma

10h | Others
Trump is again keen to make Canada the 51st state

Trump is again keen to make Canada the 51st state

11h | Others
Trump's tariff strategy and Europe's investment politics, violence or negotiation?

Trump's tariff strategy and Europe's investment politics, violence or negotiation?

12h | Others
Rumours surrounding the Club World Cup: Which club will Ronaldo join?

Rumours surrounding the Club World Cup: Which club will Ronaldo join?

12h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net