National adaptation fund to be established for climate change

Finance Minister Arun Jaitley, while presenting his maiden budget, on Thursday announced plans to establish a "National Adaptation Fund" for climate change.

As an initial sum, an amount of Rs 100 crore will be transferred to the Fund. Climate changes is a reality which all of us have to face together, said Jaitley.

Agriculture as an activity is most prone to the vagaries of climate change he added.

Jaitley also announced a sum of Rs 500 crore for establishing a "Price Stabilization Fund" to mitigate price volatility in the agriculture produce which create uncertainties and hardship for the farmers.

The finance minister said that the farmers and consumers' interest will be served by increasing competition and integrating markets across the country.

To accelerate setting-up of a National Market, the Central Government will work closely with the State Governments to re-orient their respective APMC Acts., to provide for establishment of private market yards/private markets.

The state governments will also be encouraged to develop Farmers' Markets in town areas to enable the farmers to sell their produce directly.