Moneycontrol Bureau
Shares of Jain Irrigation and Shakti Pumps rallied more than 5 percent intraday Thursday after Finance Minister Arun Jaitley said the government will spend Rs 50,000 crore on new irrigation scheme. The said amount will be spend for the next five years, which will be a big boost for agriculture sector say experts.
Cabinet on Wednesday has approved Krishi Sinchai Yojana, the irrigation scheme. While addressing press conference, Jaitley today said the new irrigation scheme will ensure water does not get wasted and water conservation & recycling will be part of irrigation scheme.
States will announce individual irrigation plans, he added. "Prime Minister Narendra Modi will chair a National Steering Panel on irrigation and executive panel headed by NITI Aayog Vice Chairman Arvind Panagariya will coordinate with states," said FM.
Additionally, agriculture minister Radha Mohan Singh said the government planned to launch online platform for agriculture products in FY15 and will spend Rs 200 crore on the same.
According to him, online platform for farm products will increase farmers' market reach and there will be e-auction of farm products for better price discovery.
At 11:48 hours IST, the scrip of Jain Irrigation Systems rallied 3.5 percent at Rs 71.85 and Shakti Pumps (India) rose 3.5 percent to Rs 196.80. Finolex Industries jumped 6.77 percent to Rs 279.75 on the Bombay Stock Exchange.
Dhanuka Agritech was up 2.6 percent at Rs 622.50 and Insecticides India rose 1.74 percent to Rs 584.
Posted by Sunil Shankar Matkar
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