India’s government has announced a $5 billion fund to provide subsidies to farmers and help them build up their farms and make them more productive.
The plan to provide incentives for farmers to increase their productivity will be announced on Wednesday at a time when a new drought has hit the country.
The government is aiming to boost the productivity of the country’s land by 25 percent by 2022, according to the Economic Survey.
The new plan will help farmers in India increase their yield and help increase the share of their land in the economy by at least 25 percent, according the Economic survey.
The scheme is expected to boost India’s gross domestic product (GDP) by 7.7 percent, with about 1.3 billion tonnes of crop inputs.
About 2.6 billion tonnes is needed to meet the government’s target for 2020.
The land ministry is expected in a presentation to the government on Tuesday to provide the land subsidy scheme to farmers.