NEW DELHI (Commodity Online) : In an attempt to boost India’s agriculture sector output, country’s finance minister Pranab Mukherjee said he will extend the benefit of investment linked deduction to businesses engaged in the production of fertilizers.
Here are the major measures announced for agriculture sector
Removal of supply bottlenecks in the food sector will be in focus in 2011-12
* To raise target of credit flow to agriculture sector to 4.75 trillion rupees
* Gives 3 percent interest subsidy to farmers in 2011-12
* Cold storage chains to be given infrastructure status
* Capitalisation of National Bank for Agriculture and Rural Development (NABARD) of 30 billion rupees in a phased manner
* To provide 3 billion rupees for 60,000 hectares under palm oil plantation
* Actively considering new fertiliser policy for urea
Presenting his second budget for the second UPA government, he also announced a package of measures to improve the availability of storage and warehouse facilities for agricultural produce as well as to incentivize food processing.
Pranab extended full exemption from excise duty to air-conditioning equipment and refrigeration panels for cold chain infrastructure including conveyor belts in the full exemption from excise duty to equipment used in cold storages, mandis and warehouses.
A concessional rate of basic customs duty of 5 per cent was provided to specified agricultural machinery in the last budget. This duty is being reduced further to 2.5 per cent and the concession is also being extended to parts of such machinery to encourage their domestic production.
Reduce the basic customs duty on micro-irrigation equipment from 7.5 per cent to 5 per cent.
De-oiled rice bran cake constitutes an important ingredient of cattle feed and its improved availability would have a positive impact on milk production. He proposed to provide full exemption from basic customs duty for de-oiled rice brancake and an export duty of 10 per cent would be levied to discourage its export.
He also introduced ceratin measures for the manufacturing sector such as reducing basic customs duty on raw silk (not thrown) from 30 to 5 per cent.
He reduced basic customs duty from 5 per cent to 2.5 per cent on certain textile intermediates and inputs for chemicals, ferro-alloys and paper.
reduced basic customs duty on certain specified inputs for manufacture of certain technical fibre and yarn from 7.5 per cent to 5 per cent and fully exempted stainless steel scrap from basic customs duty.
Pranab also reduced import duties on specified raw material for the manufacture of syringes and needles to 5 per cent basic and 4 per cent CVD.
extended the concession available to parts, components and accessories for manufacture of mobile handsets till 31st March, 2012 and to include few more items in its ambit.
He also expanded the raw material list for manufacture of specified electronic components that are fully exempt from basic customs duty and reduced excise duty (and hence CVD) on parts of ink-jet and laser-jet printers from 10 per cent to 5 per cent.
Here are the major measures announced for agriculture sector
Removal of supply bottlenecks in the food sector will be in focus in 2011-12
* To raise target of credit flow to agriculture sector to 4.75 trillion rupees
* Gives 3 percent interest subsidy to farmers in 2011-12
* Cold storage chains to be given infrastructure status
* Capitalisation of National Bank for Agriculture and Rural Development (NABARD) of 30 billion rupees in a phased manner
* To provide 3 billion rupees for 60,000 hectares under palm oil plantation
* Actively considering new fertiliser policy for urea
Presenting his second budget for the second UPA government, he also announced a package of measures to improve the availability of storage and warehouse facilities for agricultural produce as well as to incentivize food processing.
Pranab extended full exemption from excise duty to air-conditioning equipment and refrigeration panels for cold chain infrastructure including conveyor belts in the full exemption from excise duty to equipment used in cold storages, mandis and warehouses.
A concessional rate of basic customs duty of 5 per cent was provided to specified agricultural machinery in the last budget. This duty is being reduced further to 2.5 per cent and the concession is also being extended to parts of such machinery to encourage their domestic production.
Reduce the basic customs duty on micro-irrigation equipment from 7.5 per cent to 5 per cent.
De-oiled rice bran cake constitutes an important ingredient of cattle feed and its improved availability would have a positive impact on milk production. He proposed to provide full exemption from basic customs duty for de-oiled rice brancake and an export duty of 10 per cent would be levied to discourage its export.
He also introduced ceratin measures for the manufacturing sector such as reducing basic customs duty on raw silk (not thrown) from 30 to 5 per cent.
He reduced basic customs duty from 5 per cent to 2.5 per cent on certain textile intermediates and inputs for chemicals, ferro-alloys and paper.
reduced basic customs duty on certain specified inputs for manufacture of certain technical fibre and yarn from 7.5 per cent to 5 per cent and fully exempted stainless steel scrap from basic customs duty.
Pranab also reduced import duties on specified raw material for the manufacture of syringes and needles to 5 per cent basic and 4 per cent CVD.
extended the concession available to parts, components and accessories for manufacture of mobile handsets till 31st March, 2012 and to include few more items in its ambit.
He also expanded the raw material list for manufacture of specified electronic components that are fully exempt from basic customs duty and reduced excise duty (and hence CVD) on parts of ink-jet and laser-jet printers from 10 per cent to 5 per cent.
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