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LATEST NEWS UPDATES | What the Budget can do to support farming, in five charts -Arjun Srinivas

What the Budget can do to support farming, in five charts -Arjun Srinivas

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published Published on Jan 19, 2022   modified Modified on Jan 19, 2022

-Livemint.com/ HowIndiaLives.com

Even as it presses for market reforms in agriculture, the Centre has been actively using the basket of schemes wholly funded by it to widen the social security net for farmers. Expect that to continue in the coming Budget

In 2016, the BJP-led government set itself the target to double farmers’ incomes by 2022. An inter-ministerial committee set up to recommend strategies to meet this target highlighted seven sources of income growth, mostly revolving around better cropping practices and a shift to non-farm occupations. In time, the Centre buttressed this with schemes targeting key dimensions of farming—income, insurance and lending.

Three such schemes accounted for 82% of central budgetary allocations to the ministry of agriculture and farmers' welfare in 2021-22, against 18% in 2018-19: cash transfer scheme PM-KISAN (Pradhan Mantri Kisan Samman Nidhi), PMFBY (Pradhan Mantri Fasal Bima Yojana), a crop and yield insurance scheme, and interest subsidies on short-term credit to farmers. Between 2018-19 and 2021-22, the combined allocations of the three schemes have increased 3.3 times, largely due to PM-KISAN. Given their importance in the farming matrix, and political import, their primacy in budgetary support to agriculture is likely to continue when the Budget 2022 is presented on 1 February.

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Livemint.com/ HowIndiaLives.com, 19 January, 2022, https://www.livemint.com/budget/expectations/union-budget-s-social-security-theme-for-farmers-11642495083033.html


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