Shares of agriculture-related stocks surged up to 10 per cent today after Finance Minister Arun Jaitley said that Budget 2018-19 will focus on strengthening agricultural and rural economy.
Agri- Tech (India) stock surged 10 per cent, Aries Agro 3.37 per cent, NACL Industries 2.80 per cent, Action Construction Equipment 2.32 per cent, PI Industries 2.27 per cent, Monsanto India 0.97 per cent and UPL 0.84 per cent on BSE.
In a major bonanza to farmers, the government said today that support prices for the upcoming Kharif crops like paddy will be fixed at least 50 per cent higher than the cost of production, while raising farm credit target for the next fiscal by 10 per cent to Rs 11 lakh crore.
In an effort to take agriculture out of stress, it also announced a slew of measures such as setting up two separate funds amounting to Rs 10,000 crore for building infrastructure in sectors such as fishery, aquaculture and animal husbandry.
Presenting a pro-farmer Union Budget 2018-19, Finance Minister Arun Jaitley reiterated the government's commitment to welfare of farmers saying that the emphasis is to generate higher income for farmers.
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