Budget 2019: Animal Husbandry, Fisheries receive support from FM

The Union Budget 2019 offered a helping hand to the Animal Husbandry and Fisheries sector. The government announced increased allocation for Rashtriya Gokul Mission and 2 per cent interest subvention for farmers engaged in these sectors. 

India is the second largest fish producing nation in the world, accounting for 6.3 per cent of global production. It provides livelihood to 1.45 lakh people at the primary level and registers an average annual growth of more than 7 per cent. The government has announced the creation of a separate department of fisheries that will facilitate sustained and focused attention towards the development of the sector. 

Farmers and others engaged in the occupations of Animal Husbandry and Fisheries will be eligible to receive financial aid and increased funding. As such, the government has increased the allocation of the Rashtriya Gokul Mission to Rs. 750 crore in the present year. Under the Kisaan credit card scheme, they will receive 2 per cent interest subvention, with an additional 3 per cent interest subvention for timely repayment of loans.  

The government also announced the setting up of the Rashtriya Kamdenu Aayog to enhance the production and productivity of cows. This will also scale up the sustainable genetic upgradation of cow resources. 

In order to ensure easier access to credit, the government proposed a simplified application form. This will eliminate unnecessary hassles and bring individuals engaged in animal husbandry and fishery occupation under the Kisaan credit card fold. 

In the event of natural disasters, farmers are unable to repay crop loans. At present, the crop loans are rescheduled for farmers affected by natural calamities. They get the benefit of interest subvention of 2 per cent for the first year of rescheduled loans. However, the government has now decided that all farmers affected by severe natural calamities, where the assistance is provided from the National Disaster Relief Fund, will be provided with the benefit of interest subvention of 2 per cent, and prompt repayment subvention of 3 per cent for the entire period of reschedulement of the loan. 

Through these measures, the government aims to support those engaged in animal husbandry and fisheries by awarding them the same respect and status as farmers. 

Among the companies involved in this sector, on Friday the shares of Godrej Agrovet closed at Rs. 494.00, down 0.47 per cent. The stock of Venky’s closed at Rs. 2,362.25, down 4.62 per cent. The shares of Avanti Feeds closed at Rs. 346.55, down 2.86 per cent. At the close of market hours, the stock of Apex Frozen Foods was trading at Rs. 329.70, down 7 per cent.