Pm Kisan Yojana: The New Year will bring many gifts to the farmers of the country. The Modi government has made a comprehensive plan to open its treasury in 2024 to strengthen the agriculture sector and increase farmers’ income. Under this, farmers will be given 9 thousand rupees annually instead of 6 thousand rupees. Besides, coverage of crop insurance will also be increased. The government is going to make a huge allocation for this in the next budget.
Two senior officials on the matter said that the government may allocate around Rs 2 lakh crore for the agriculture sector in the 2024-25 budget. In this current financial year announced Rs. 1.44 lakh crore would be about 39 percent more. With the help of this fund it will not only help in increasing the income of the farmers but will also help in increasing the coverage of crop insurance.
Which will directly benefit the farmers
The Ministry of Agriculture aims to increase the amount of financial assistance given to farmers annually. After the allocation in the budget, the Ministry of Agriculture will increase the amount of Rs 6 thousand to Rs 9. It means that now the farmers will be given an installment of 750 rupees per month instead of 500 rupees. Currently under the PM Kisan (PM-Kisan) scheme, Rs 6000 is given in a year. It will be 5 years since the scheme started in February. Therefore, the government is preparing to increase the income of farmers by 50 percent for the next 5 years.
Benefit of Crop Insurance Scheme
Similarly, the Pradhan Mantri Fasal Bima Yojana (PMFBY) implemented in the interest of farmers is also being expanded. Under this scheme, which was launched in 2016, farmers’ crops are insured at a very low premium. For this, farmers have to pay only 1.5 to 5 percent of the total premium, while the remaining amount is deposited by the government.
How much funds will increase in the budget?
This time, under the PM Kisan Yojana, there is a plan to allocate 30 percent more amount in the budget, which was 60 thousand crore rupees in the current financial year. Similarly, 17 percent more budget will be allocated under crop insurance scheme, which for 2023-24 will be Rs. 13,625 crores.
However, it is not yet clear whether the budget will be allocated in the interim budget to be presented on February 1 or in the full budget to be presented in July after the Lok Sabha elections. Officials say that we will need 18 thousand crore rupees under the crop insurance scheme for the financial year 2024-25. Currently we have an allocation estimate of Rs 16 thousand crores. At present we do not have correct data on rabi crop. Next year we may have a huge amount in the form of crop insurance. This year itself for crop insurance Rs. 12,000 crore is needed, while next year in Maharashtra Rs. 5,000 crore burden is likely to increase further.
The Ministry also gave hints
Aditya Shesh, member of the expert committee of the agriculture ministry, says that consideration is being given to increasing the MSP of rice and wheat and reforming the Kisan Samman Nidhi scheme in view of the impact of inflation and weather on production. This time the crop department of the ministry is also expected to get an allocation of 18 thousand crore rupees. The agricultural sector is growing at a sustainable growth rate of about 4 percent per year. However, there are still many challenges facing the small farmers and there are full preparations to tackle these challenges by allocating more funds in the upcoming budget.