India allocates more credit for farm sector
Ann/ The Statesman
The government has decided to allocate more funds for extending credit to agriculture in order to raise its contribution to about four per cent to the GDP. "The Union finance minister, P Chidambaram has allocated Rs 1,90,000 crore for agricultural credit this year in the Budget and for next financial year we have set a target of increasing it to Rs 2,25,000 crore," Union minister of state for finance, Mr PK Bansal said here on Friday. Bansal was speaking at a seminar organised by the Bharat Chamber of Commerce (BCC) on "Emerging financial sector reforms: Banking and Insurance". He said that the government aims to extend 18 per cent of the total credit to agriculture emphasising that unless the share of agriculture in the country's GDP rises, a double-digit growth would remain a distant dream.
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