The finance minister has proposed increasing the allocation for the agricultural sector by Tk 111 crore to Tk 12,390 crore, 4.95 percent of the total budget, in the upcoming fiscal year.
The ministry was originally allocated Tk 12,270 crore but received Tk 12,279 crore in the revised budget of FY 2013-14.
Agriculture, rural development and rural institutions, water resources and other related sectors will get 25.8 percent of the total annual development programme of FY 2014-15.
Subsidies for fertilizer, seeds, irrigation and other agricultural inputs will continue, finance minister AMA Muhith said in his budget proposal.
"I propose an allocation of Tk 9,000 crore for this sector in FY 2014-15," he said.
Share-croppers are also expected to continue to be provided with collateral-free agricultural loan.
Special emphasis will be given on innovation and use of organic technology and genetic engineering, as per the budget speech stipulates, the minister said.
Steps taken for the development of agriculture sector include: keeping the fertilizer price within the affordability of farmers, ensuring adequate budget provision for agriculture subsidy, providing facilities for opening bank account with a deposit of Tk10 only, introducing agriculture input assistance card and distributing fertiliser through union and block level sales representatives, he said.
06:23 PM, June 05, 2014 / LAST MODIFIED: 01:53 AM, March 08, 2015