New budget allocates Rs 45.09 billion for agriculture

Published On: May 29, 2021 04:27 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, May 29: The budget 2021/22 has allocated Rs 45.09 billion for the agriculture sector. Of the amount, Rs 12 billion will be spent on the supply management of chemical fertilizers.

The priorities have been given to the Prime Minister Modernization Project, Nepal Agriculture Research Council and provinces and local government based programs.

Protected agriculture, rubber production zone, construction of infrastructure like warehouse and cold storages and tax waivers on the import of raw materials of agro products are among the targeted programs of the agriculture sector in the budget for the next fiscal year.  

State-owned fallow land will be provided on lease to the private sector, according to Finance Minister Poudel. According to him, up to 50 percent subsidies will be provided to the organic fertilizer production units. To enhance mechanization in the agriculture sector, the government has announced an increase in tax subsidies in the import of agricultural equipment.

Similarly, the government has continued providing 50 percent subsidies on farm insurance premium and artificial insemination of livestock free of cost.  


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