India: Government to establish National Adaptation Fund for climate change

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New Delhi: Union Finance Minister Arun Jaitley on Thursday announced to establish a `National Adaptation Fund` for climate change.

While presenting his maiden budget in Parliament, Jaitley said as an initial sum, an amount of Rs 100 crore will be transferred to the Fund.

Climate change is a reality which all of us have to face together, noted Jaitley, adding: “Agriculture as an activity is most prone to the vagaries of climate change.”

The Finance Minister also announced a sum of Rs 500 crore for establishing a `Price Stabilisation Fund` to mitigate price volatility in the agriculture produce, which creates uncertainties and hardship for farmers.

Jaitley also said that the interest of farmers and consumers will be served by increasing competition and integrating markets across the country.

In a bid to accelerate establishing of a National Market, the Centre will work closely with the state governments to reorient 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 farmers to sell their produce directly, said Jaitley.

SOURCE: ZeeNews India, July 10th 2014: http://zeenews.india.com/business/indian-budget-2014/govt-to-establish-n...