Allocation for agriculture increased by Tk1,361 crore

Vbj

Finance Adviser Salehuddin Ahmed on Monday proposed raising budget allocations for the agriculture sector by Tk1,361 crore for the fiscal year starting next month as the government prioritises enhancing food security.

In the outgoing fiscal year ending this month, budget allocation was Tk38,259 crore for the three ministries focused on agriculture sector: agriculture ministry, food ministry, and fisheries and livestock ministry. The allocation would grow to Tk39,620 crore for the upcoming fiscal year, the adviser said in a televised address.

The finance adviser has proposed enlarging the food warehouses as well as building increased numbers of cold storage facilities and modern farming equiment domestically as part of efforts to bolster food security.

Staple crop stockpiling capacity would be increased to 38 lakh tonnes. Futhermore, tax rebates would be provided on imports of equipment used in cold storage development, and tariffs would be reduced for importing combined harverster manufacturing kits.

Tariffs on sugar imorts would also be reduced, as per Salehuddin's proposal. Annual fish production target has been set at 52.55 lakh tonnes.

For climate adaptation and climate risk mitigation efforts Tk100 crore will be set aside, the finance adviser proposed in his address to the nation.