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Business News/ Politics / Policy/  Budget 2018: Niti Aayog takes centre stage in new policy moves
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Budget 2018: Niti Aayog takes centre stage in new policy moves

Finance minister Arun Jaitley said Niti Aayog will work with states in finding ways to ensure that farmers get the minimum support price (MSP) even if market prices fall

Finance minister Arun Jaitley also said that Niti Aayog will spearhead a national programme in artificial intelligence. Photo: Pradeep Gaur/MintPremium
Finance minister Arun Jaitley also said that Niti Aayog will spearhead a national programme in artificial intelligence. Photo: Pradeep Gaur/Mint

New Delhi:Federal policy think tank Niti Aayog will take the lead in implementing policy initiatives ranging from farm sector reforms to establishing a new ecosystem for artificial intelligence.

Finance minister Arun Jaitley said in his budget speech for 2018-19 that Niti Aayog will work with states in finding ways to ensure that farmers get the minimum support price (MSP) even if market prices of agricultural produce fall below the MSP.

Volatile prices of farm produce have aggravated agrarian distress and posed a challenge to the government. Bountiful crops depressed prices, highlighting the need for a robust market mechanism to address the issue.

Jaitley also said Niti Aayog will spearhead a national programme in artificial intelligence. “Niti Aayog to establish a national programme to direct efforts towards artificial intelligence, including research and development of its applications," the minister said.

The finance minister’s emphasis in the budget was on the key farm and consumer sectors, said Anil Talreja, partner, Deloitte India.

“With 150% increase in MSP for crops, support to organic farming, doubling the expenditure allocation to Rs1,400 crore for food processing sector, state-of-the-art facilities to 42 food parks, liberalisation of agricultural exports, allocation of Rs10,000 crore to fisheries, animal husbandry and related infrastructure, this budget is in true sense a roti-kapda and kisaan budget," said Talreja.

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ABOUT THE AUTHOR
Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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Published: 01 Feb 2018, 02:13 PM IST
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