In the union budget 2017-18, the financial minister has allocated Rs 1.87 lakh crore for the rural, agriculture and allied sectors in current financial year. As per the statement, the amount is 24% higher than the previous year.
In order to complete the target of Pradhan Mantri Gram Sadak Yojana, (PMGSY) by 2019, the government has allocated a sum of Rs 19,000 crore for the current fiscal under (PMGSY).
The finance minister also said that one crore houses would be constructed by 2019 for those people who are homeless or living in kutcha houses. In order to achieve this target of providing housing for all, the government has increased the allocation for Pradhan Mantri Awas Yojana – Gramin from Rs 15,000 crores in BE 2016-17 to Rs 23,000 crores in 2017-18.
According to the budget, the finance minister expected that 100% village electrification would be achieved by May 1, 2018 and in this budget, the government has proposed an increased allocation of Rs 4,814 under the Deendayal Upadhyaya Gram Jyoti Yojana in 2017-18.
Moreover, he said that on the back of better monsoon, agriculture is expected to grow at 4.1% in this fiscal year (FY17) as the total area sown under kharif and rabi seasons are higher than the previous year.
The government said that a target has been fixed at a record level of 10 lakh crores for agricultural credit in 2017-18 and the adequate credit would be made available to the farmers in time. Further, the farmers will also benefit from 60 days’ interest waiver announced by the Prime Minister in respect of their loans from the cooperative credit structure.