Government Increases ‘Kishan Samman Nidhi’’ to Rs.8000: Women Farmers to Receive Rs.12,000; Budget Announces 3 Major Initiatives for Farmers

Before the Lok Sabha elections, the Modi government has made three major announcements for farmers in the budget. Along with an increase in the minimum support price (MSP), the amount of the Farmer Support Fund has been increased from Rs 6,000 to Rs 8,000, and for women farmers, this amount has been increased to Rs 12,000.

Expansion of the Pradhan Mantri Kisan Samman Nidhi Scheme

Various regulatory bodies, organizations, and agricultural experts had demanded an increase in the amount of the Farmer Support Fund scheme. After implementing these suggestions, the government has increased the amount of the Farmer Support Fund scheme by Rs 2,000. Currently, the government provides Rs 6,000 to farmers in three installments of Rs 2,000 each year. Now, the government will provide Rs 8,000 annually in four installments. Under this scheme, the government has allocated more than 2.8 lakh crore rupees in the accounts of farmers within 15 weeks.

Women Farmers to Receive Rs 12,000 Now

In the budget, the amount of the Prime Minister’s Kisan Samman Nidhi scheme has been doubled for women farmers, from Rs 6,000 to Rs 12,000 annually. Additionally, a cash transfer scheme has been launched for economically deprived women. Women above 21 years of age who do not benefit from any of the government’s welfare schemes will receive the benefit of the cash transfer scheme.

Expansion of Minimum Support Prices

The government is increasing the MSP for crops based on the recommendations of the CACP. In this budget, the government has extended the MSP to other states such as Bihar, Maharashtra, Punjab, Haryana, Western Uttar Pradesh, and Madhya Pradesh. Furthermore, there has been an increase in procurement in markets. The crackdown on black markets and hoarding has intensified.

What did Farmers Get in the 2023-2024 Budget?

The government announced a budget of Rs 20 lakh crore for agricultural credit cards (KCC), compared to Rs 18.5 lakh crore in the previous year, indicating an increase of Rs 1.5 lakh crore. Announcements were made for digital public infrastructure for agriculture, through which farmers can access information from seed to market through open source, benefiting from startups. The announcement of the Agricultural Accelerator Fund will enable youth in villages to start startups.

Niyati Rao

Niyati Rao is a seasoned writer and avid consumer who specializes in crafting informative and engaging articles and product reviews. With a passion for research and a knack for finding the best deals, Niyati enjoys helping readers make informed decisions about their purchases.