Trade and markets
 

Detail

Area
Nepal
Commodity Group
Rice
Commodity
All
Date
28/06/2016
Policy Category
Production
Policy Instrument
Budgetary allocations, production support
Description
As part of its 2016-17 budgetary allocations, announced that NPR 5.78 billion (USD 53 million) would be set aside for the Prime Minister Agricultural Modernization Project, which will seek to make the country self-sufficient, in two years’ time in the case of rice. Specific interventions would include the establishment of Agricultural Production Areas, where production, processing and marketing capacity is to be bolstered through subsidies on basic inputs, agricultural equipment and for the construction of storage, processing, training and marketing facilities. Among others, steps would also be taken to prevent agricultural land from being idled, to enhance access to credit, subsidise insurance premiums, while NPR 5.47 billion (USD 50 million) would go for the provision of fertilisers and seeds. In addition to plans to bolster irrigation coverage in five years’ time, the production of summer and aromatic rice would be promoted and minimum prices for paddy announced ahead of planting time.
Notes
Exchange rate as of 1 July 2016.