PM Kisan Scheme: In the budget, the central government pledged to double farmers’ incomes (Farmers Income Double), and now those promises are bearing fruit.
To enhance the income of farmers, the government also established a committee in 2016, and with its assistance, a number of initiatives such as PM Kisan Scheme were suggested.
The government has launched numerous other such programmes, which have directly increased the income of farmers.
More than five times more was spent
The Ministry of Agriculture and Farmers Welfare’s budget for the 2015–16 fiscal year was only Rs 25460.51 crore, which has since increased by a factor of more than 5.44. This budget has been raised to Rs 1,38,550.93 crore for the fiscal year 2022–2023.
Through PM Kisan, farmers’ incomes also grew. The PM Kisan scheme was introduced by the Finance Minister in the 2019 budget. In accordance with this programme, farmers receive Rs 6000 annually. Through this, more than Rs 2 lakh crore in funds have been distributed to about 11.3 crore qualified farmer families.
Fasal Bima Yojana by Pradhan Mantri (PMFBY)
Along with this, the PM Fasal Bima Yojana has greatly benefited farmers. In 2016, PMFBY was launched, and farmers are now receiving assistance. 38 crore farmers have registered in it during the past six years. 11.73 crore farmers have received claims at the same time.
It has been paid Rs. 1,24,223 billion.
Farmers contributed Rs 25,185 crore as their portion of the premium during this time, and for that, they received more than Rs 1,24,223 crore in compensation. As a result, the farmers have received around Rs 493 in claims for every Rs 100 in premium payments.
The government concentrated on seven factors to raise farmers’ incomes, and these factors have resulted in an increase in their income
- Improvement of crop productivity
- Steady improvement in cattle productivity
- Reduced production costs due to resource utilisation efficiency
- Growing crop intensity
- High-value farming diversification
- payment of farmers for their produce at a fair price
- transfer of surplus labour from agriculture to non-agricultural occupations
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