scorecardresearch
Follow Us:
Saturday, October 31, 2020

Budget allocation to agriculture ministry raised by 78 per cent in FY’20

To ensure minimum support price (MSP) in times of steep fall in rates, the government has proposed to increase the allocation by Rs 1,000 crore to Rs 3,000 crore for intervening in the market in such times under the Market Intervention Scheme and Price Support Scheme (MIS-PSS).

By: PTI | New Delhi | Updated: July 5, 2019 5:28:13 pm
agriculture budget, union budget 2019, 2019 union budget, Ministry of Agriculture and Farmers Welfare, Pradhan Mantri Kisan Samman Nidhi, PM-KISAN,budget 2019, 2019 budget, agriculture ministry, Pradhan Mantri Annadata Aay Sanrakshan Yojana, PM-AASHA, Pradhan Mantri Fasal Bima Yojana, PMFBY, Pradhan Mantri Krishi Sinchai Yojana, PMKSY, Market Intervention Scheme, Price Support Scheme, MIS-PSS, finance minister nirmala sitharaman, nirmala sitharaman, budget news, india news, Indian Express About 5.61 crore farmers are taking benefit of the PMFBY. (Express Archive)

The government has proposed to increase budget allocation for the Ministry of Agriculture and Farmers Welfare by over 78 per cent to Rs 1.39 lakh crore for the current fiscal, out of which Rs 75,000 crore will be for the flagship scheme PM-KISAN, according to the Budget document.

The government had allocated Rs 77,752 crore in the revised estimate for 2018-19.

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), launched just before the general elections, aims to give Rs 6,000 annually in three equal installments to 12.6 crore small and marginal farmers.

Besides PM-KISAN, the government has proposed to increase the allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to Rs 14,000 crore for the current fiscal against the revised estimate of Rs 12,975.70 crore for the 2018-19.

About 5.61 crore farmers are taking benefit of the PMFBY.

In the Budget 2019-20, the government estimates Rs 18,000 crore spending towards interest subvention on short term crop loan, while Rs 14,987 crore was allocated in the revised budget for the 2018-19 financial year.

To ensure minimum support price (MSP) in times of steep fall in rates, the government has proposed to increase the allocation by Rs 1,000 crore to Rs 3,000 crore for intervening in the market in such times under the Market Intervention Scheme and Price Support Scheme (MIS-PSS).

Similarly, the allocation for the Pradhan Mantri Annadata Aay Sanrakshan Yojana (PM-AASHA) is projected to be raised by Rs 100 crore to Rs 1,500 crore.

However, for promoting farm mechanisation, not much increase in the budget allocation has been proposed. The government is estimated to spend Rs 600 crore this fiscal.

For the Pradhan Mantri Krishi Sinchai Yojana (PMKSY), the government has proposed to raise the budget allocation to Rs 3,500 crore for this fiscal from Rs 2,954.69 crore last year.

To implement 18-odd central schemes under the ‘Green Revolution’ umbrella, budget allocation is projected to be increased to Rs 12,560 crore for 2019-20 as against the revised estimate of Rs 11,802 crore for the 2018-19.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement