Framework for Doubling Farmers’ Income

  • Framework for Doubling Farmers’ Income
  • Also, Government of India supplements the efforts of the State Governments through various Schemes/ Programmes aimed at improving production, post harvest & management, including progressive agri-market reforms, access to credit, risk management and income support.
  • Some important programmesare as follows:
  • Kisan Credit Cards provides agriculture credit to farmers at subsidized rates, with a 2% interest subvention (IS)
  • Prompt Repayment Incentive (PRI) of 3% so as to make the effective rate of interest as  4%. The initiatives to simplify procedures for availing KCC include:
  • Activities relating to Animal Husbandry and Fisheries included in KCC – benefits of IS and PRI also extended ( 2% interest subvention and 3% prompt repayment ).
  • Indian Banker’s Association has waived off processing fee, inspection, ledger folio  charges and all other service charges for renewal/fresh issue of KCC.
  • RBI has raised the collateral free existing agriculture loan limit from Rs.1 lakh to Rs.1.60 lakh.
  • ii) Government has launched a crop insurance scheme namely Pradhan Mantri Fasal Bima Yojana (PMFBY) from Kharif 2016 season.
  • This scheme provides insurance cover for all stages of the crop cycle including postharvest risks in specified instances.
  • Claims of Rs. 8,665 crore were paid to 553.01 lakh farmers in the year 2018-19.
  • iii) Giving a major boost for the farmers income, the Government has approved the increase in the Minimum Support Price (MSPs) for all Kharif & Rabi crops for 2018-19 season at a level of at least 150 % of the cost of production.
  • iv)Central Government started a new Central Sector Scheme, namely, the Pradhan Mantri
    Kisan SAmman Nidhi (PM-KISAN).
  •  The scheme aims to provide a payment of Rs. 6000/- per year, in three 4-monthly installments of Rs. 2000/- to the farmers, subject to certain exclusions relating to higher income groups. An amount of Rs. 12646.579 crore has been distributed to 632.32895 lakh farmers in the year 2018-19.
  • With a view to provide social security net for Small and Marginal Farmers (SMF)
  • The Government has decided to implement another new Central Sector Scheme for providing old age pension to these farmers.
  • Under this Scheme, a minimum fixed pension of Rs. 3000/- be provided to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years.
  • The scheme aims to cover around 5 crore beneficiaries in the first three years.
  • It would be a voluntary and contributory pension scheme, with entry age of 18 to 40 years.
  • The Government has approved a budgetary provision of Rs. 10774.50 crorefor the scheme till March, 2022.
  • Note – Union Minister for Agriculture & Farmers Welfare Shri Narendra Singh Tomar

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