New Delhi, Feb 17 (IANS): Agriculture credit is likely to exceed the target of Rs.7,00,000 crore and farm exports are likely to rise over $45 billion in the current fiscal, Finance Minister P. Chidambaram said Monday.

"We are proud of stellar performance of agriculture. Agriculture credit is likely to touch Rs.7,35,000 crore, exceeding the target of Rs.7,00,000 crore," he said presenting the interim Budget for 2014-15.

"Foodgrain production in 2012-13 was 255 million tonnes. The estimate for the current year is 263 million tonnes. The estimate of production of sugarcane, cotton, pulses, oilseeds point to a new record," the finance minister added.

The likely record foodgrain production is due to a good monsoon this year.

While the current fiscal's agricultural GDP growth is estimated at 4.6 percent, Chidambaram said the agriculture credit target has been set at Rs.8,00,000 crore for 2014-15.

Highlighting the improved growth of agriculture sector during the UPA rule, he said: "Agriculture GDP growth increased to 3.1 percent in five years of UPA-I, further to 4 percent in the first four years of UPA-2."