India government to tackle deficit, food security issues
Mar 3, 2011
India’s Finance Minister, Pranab Mukherjee, recently came forward to say that the government of the nation will be working to introduce a food security bill to help provide inexpensive grain to hundreds of millions of the country’s poor people. The legislation will also aim to stimulate the agriculture market, curb corruption and expand foreign investment limitations, according to The Associated Press.
The measures come as India is working toward reducing its national deficit.
Approximately $105 billion will be used to increase loans to farmers, according to Business Insider. The bill will also create 15 mega food parks, which will hopefully improve storage of food. Around 40 percent of produce from India is wasted because of inadequate storage space.
About $66 million will be used for new initiatives that will improve the incomes and productivity levels of India’s farmers, and the same amount will go toward promoting the manufacturing of multi-cereals and palm oils.
According to the Azad India Foundation, India has the largest number of poor people in a single country on Earth. This is in part due to high levels of unemployment and low productivity in rural areas.