PAMETI Holds Training Course On Financial Planning

Ludhiana, August 10, 2015: The Punjab Agricultural Management and Extension Training Institute (PAMETI) conducted a three-day training programme on “Financial Planning and Management” at Punjab Agricultural University (PAU). As many as 28 extension functionaries from state agriculture and allied departments participated in the training programme.

Dr H.S. Dhaliwal, Director PAMETI, said, “Farmers plan their farm operations and take management decisions concerning production, marketing and finances without fully considering components like cost of production, judicious management of farm finance, market information and intelligence, associated farm business risk and fair estimates of profitability.” Knowledge about acquisition of finance and its rational use is essential to improve profitability and viability of farming enterprises, he observed.

During the programme, trainees were made aware of various records which farmers should maintain to have assessment of their expenses, yield and incomes. Besides, formats of various types of physical and financial records that should be maintained by farmers were discussed. Trainees were also given practical exercises on farm financial planning, inventory, depreciation and budgeting so that they can motivate the farmers to do the same. In addition, a session on managing risk in agriculture and allied sectors through insurance was held. Comparative economics of various agriculture and allied enterprises were discussed with the participants so that they can encourage the farmers to divert from mono-culture of wheat-paddy and adopt other alternatives. Various sources of banking finance and latest schemes for the benefit of the farmers were also discussed. An interactive session was also held on various options that can be carried out by the farmers for regularization of their income in future.