Turnaround in agriculture, says PM

After a decade of stagnation in the farm sector, most of which was linked to the tenure of the NDA, Prime Minister Manmohan Singh today said the agriculture has seen a turnaround and farmers relieved of debt burden.

Addressing the nation on the 62nd Independence Day, Singh said after almost a decade of stagnation, especially from 1998 to 2004, investment in agriculture is increasing and there has been a revival in this area.

"Our farms are once again green. Our godowns are once again filling up. Our farmers are once again hopeful about their future and their welfare," he said.

There was a record production of foodgrain, cotton and sugar in 2007-08.

According to official data, the foodgrain production is estimated at 230.67 million tonnes, while cotton output is projected at 25.81 million bales. Sugar production is pegged at 22 million tonne for 2007-08.

The Prime Minister said the government has waived bank loans to farmers to the tune of about Rs 71,000 crore.

An investment of Rs 25,000 crore is going into the farm sector under the Rashtriya Krishi Vikas Yojana.

"In the past four years, we have increased bank credit for agricultural sector from Rs 81,000 crore to Rs 225,000 crore and have reduced the interest rates for farm loans," he said.

The National Food Security Mission has been set up to enhance production of rice, wheat and pulses.