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Our Bureau

New Delhi, Aug. 16 The Cabinet Committee on Economic Affairs (CCEA) on Thursday gave its approval for a new additional Central assistance scheme to incentivise States that increase the share of agriculture in their State plans.

Briefing newspersons after the CCEA meeting, the Finance Minister, Mr P. Chidambaram, said that an outlay of Rs 1,500 crore for 2007-08 under this scheme has been approved along with an allocation of Rs 25,000 crore for the next five years.

The Finance Minister said that the objective of the scheme was to enhance public investment in agriculture and allied sectors and also to incentivise States to draw up comprehensives State and district agriculture plans.

The scheme will also help achieve the targeted agricultural growth rates.

Mr Chidambaram said that the funds under the additional Central assistance scheme would be provided as 100 per cent grant by the Centre.

The CCEA also approved the launch of a National Food Security Mission aimed at enhancing the production of rice, wheat and pulses by 10, 8 and 2 million tonnes respectively by 2011.

In addition, the CCEA also approved the revision in the existing norms governing integrated scheme of oil seeds, pulses, oil, palm and maize and distribution of quality seeds, addition of more implementing agencies and inclusion of new components. The CCEA also gave its final approval for funding and execution of one gauge conversion and six new line projects of the Railway Ministry. The total requirement of funds for these projects is Rs 2,796 crore.

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CCEA okays scheme to boost farm growth

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