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Union Budget proposes Rs 900 cr for Price Stabilisation Fund

To keep the prices controlled of essential commodities especially pulses the Union Budget has proposed Rs 900 cr for Price Stabilisation Fund
Union Budget proposes Rs 900 cr for Price Stabilisation Fund

The Price Stabilisation Fund has been provided with a corpus of Rs 900 crore to support market interventions. While presenting the Union Budget 2016-17 in Lok Sabha today, Union Finance Minister Arun Jaitley said that monitoring of prices of essential commodities is a key element of good governance. A number of measures have been taken to deal with problem of abrupt increase in prices of pulses. The Government has approved creation of buffer stock of pulses through procurement at Minimum Support Price (MSP) and at market price through Price Stabilisation Fund.

The minister has proposed Krishi Kalyan Cess @ 0.5% on all taxable services. Its proceeds would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. It will come into effect from June 1, 2016.  

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