Current Affairs-Indian Government's General Budget 2014-1-National Adaptation Fund to be established for Climate Change

National Adaptation Fund to be established for Climate Change 
Rs 500 crores for Price Stabilization Fund 
States to be encouraged to Develop Farmers’ Markets

The Union Finance Minister Shri Arun Jaitley while presenting his maiden budget announces to establish a “National Adaptation Fund” for climate change. As an initial sum, an amount of Rs 100 crore will be transferred to the Fund. Climate changes is a reality which all of us have to face together, says the Finance Minister. Agriculture as an activity is most prone to the vagaries of climate change he added. 

The Finance Minister also announced a sum of Rs 500 crore for establishing a “Price Stabilization Fund” to mitigate price volatility in the agriculture produce which create uncertainties and hardship for the farmers. 

The Finance Minister said that the farmers and consumers’ interest will be served by increasing competition and integrating markets across the country. To accelerate setting-up of a National Market, the Central Government will work closely with the State Governments to re-orient their respective APMC Acts., to provide for establishment of private market yards/private markets. The State Governments will also be encouraged to develop Farmers’ Markets in town areas to enable the farmers to sell their produce directly.