Agri stocks climb up to 7 pc after FM announces six new schemes

     New Delhi, Feb 1 (PTI) Stocks related to agriculture climbed 7 per cent on Saturday after Finance Minister Nirmala Sitharaman announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
     On the BSE, Kaveri Seed Co's shares jumped 6.99 per cent to close at Rs 962.25 apiece, Paradeep Phosphates rose 3.41 per cent to Rs 116.65, Mangalam Seeds increased 3.23 per cent to Rs 214, Nath Bio-Genes (India) appreciated by 2.78 per cent to Rs 173.55, and Bayer CropScience went up 0.55 per cent to Rs 5141.95.
     The scrip of PI Industries also rose 0.34 per cent to finish at Rs 3,494.25 and UPL edged up 0.17 per cent to close at Rs 604.30 apiece.
     On the other hand, Chambal Fertilisers & Chemicals declined 2.77 per cent to settle at Rs 490.05, Dhanuka Agritech slipped 2.66 per cent to Rs 1,403.45, Tata Chemicals decreased 2.26 per cent to Rs 964.45, and Coromandel International depreciated by 1.46 per cent to Rs 1,783.50 on the bourse.
     Rashtriya Chemicals & Fertilisers shares went lower by 1.32 per cent to close at Rs 161.05 and Mangalore Chemicals & Fertilizers slipped 0.36 per cent to settle at Rs 167.10 apiece on the BSE.
     The 30-share BSE benchmark Sensex eked out a marginal gain of 5.39 points or 0.01 per cent to settle at 77,505.96.
     In a significant policy shift aimed at boosting agri-productivity and rural prosperity, Finance Minister Nirmala Sitharaman on Saturday announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
     The announcements came even as the government proposed a 2.75 per cent lower Budget allocation for the agriculture ministry at Rs 1.37 lakh crore for the next fiscal.
     However, this reduction was offset by enhanced allocations for allied sectors, with fisheries, animal husbandry and dairying seeing a 37 per cent increase to Rs 7,544 crore, and food processing receiving a 56 per cent boost to Rs 4,364 crore.
     The total Budget allocation for agriculture, allied sectors, and food processing is pegged at Rs 1.45 lakh crore for 2025-26, expected to surpass the current year's revised estimate of Rs 1.47 lakh crore once allocations for new schemes are detailed.
     Presenting her eighth budget speech, Sitharaman positioned agriculture as "the first engine of growth" and introduced Pradhan Mantri Dhan-Dhaanya Krishi Yojana targeting 100 low-productivity agri-districts.
     The scheme, implemented with state governments, aims to benefit 1.7 crore farmers through enhanced productivity, crop diversification, and improved post-harvest infrastructure.
     In a major push for self-reliance, a six-year pulses mission received Rs 1,000 crore to boost tur, urad, and masoor production. Under this initiative, Nafed and NCCF will procure pulses for four years from registered farmers through formal agreements.
     The Budget allocated Rs 500 crore each for a comprehensive horticulture programme on vegetables/fruits and a five-year cotton mission promoting extra-long staple varieties.
     President Droupadi Murmu on Friday said the government is working towards modernisation and self-reliance in the agriculture sector while focusing on boosting farmers' income.
     Addressing the joint sitting of Parliament at the start of the Budget Session, Murmu highlighted that India achieved a record foodgrain production of 332 million tonnes in 2023-24.

(This story has not been edited by THE WEEK and is auto-generated from PTI)