Rs 45.09bn provided to agriculture sector

Minister for Finance Bishnu Prasad Poudel has announced a budget of Rs 45.09 billion for the development of agriculture and livestock sector in the fiscal year 2021/22.

The annual budget for the agriculture sector for next fiscal has been increased by 20 per cent compared to the current fiscal year.

For the upcoming fiscal year, Rs 12 billion has been allocated to manage chemical fertilisers.

According to Minister Poudel, the country will be made fully self-reliant in agriculture within five years through modernisation, commercialisation and mechanisation of the agriculture sector.

Meanwhile, Rs 7.6 billion has been allocated to provide concessional loans to ensure production and productivity growth.

Minister Poudel said that Rs 840 million has been allotted to provide grants for agriculture insurance and sugarcane farming.

Furthermore, agriculture modernisation project will be expanded in 71 districts and a chemical fertiliser plant will be established within three years.