The budget for the next fiscal is likely to step up the target for farm credit up 20% from the current year.
With the agriculture sector seen growing at 5.4% in the current fiscal, the government will push banks to disburse more to the sector to maintain the momentum, said a senior government official.
Buoyed by high foodgrains production, the country''s farm sector is expected to grow at 5.4% in the current financial year, as against 0.4% a year ago.
A likely growth in the "agriculture, forestry and fishing sector" is due to an estimated higher production of rice, wheat, pulses, oilseeds, cotton, sugarcane and some horticultural crops, according to Advance Estimate released by the Central Statistical Organisation (CSO).
The foodgrains production is estimated to grow by 6.5%, oilseeds by 11.9%, sugarcane by 15.2% and cotton output by 41.2% in the 2010-11 crop year, as compared to a previous crop year, it said.
Among the horticultural crops, production of fruits and vegetables is expected to increase by 4.1% and 3.8%, respectively, in the review period, it added.
According to CSO, the country''s economy is likely grow at 8.6% this fiscal, against 8% last year.
The Agriculture Ministry has pegged a total foodgrains production at 114.63 million tonnes in the 2010-11 Kharif season (June-September), which comprises 80.41 million tonnes of rice. Oilseeds production for current Kharif season has been projected at 17.2 million tonnes.
Farm commodities are cultivated twice a year during Kharif (summer) and Rabi (winter) season. Currently, rabi crops like wheat and some oilseeds like mustard are sown.
The ministry has pegged sugarcane at 324.9 million tonnes and cotton at 33.5 million bales for the current crop year.Last Update Sunday 13th February 2011