Agriculture Budget 2023: Farmers have many expectations from the general budget to be presented on February 1. A few days ago, the government had announced to make farmer-friendly changes in the Pradhan Mantri Fasal Bima Yojana amid climate crisis and rapid development of technology. Now it is being linked directly to the Agriculture Budget 2023. On the other hand, in the latest report of SBI Resaerch, under the renewal of KCC Loan, the need to give concession to the farmers has also been emphasized in the payment of interest. Both the schemes are making important contribution in the development expansion of agriculture sector.
On the one hand, in the midst of climate change, the financial security of crops insured under PMFBY is guaranteed, while on the other hand, loans are being made available at affordable interest rates under KCC to meet minor expenses related to agriculture. The confidence of the farmers has increased in both these schemes, but now farmer friendly changes and concessions are being expected in them.
KCC may be reviewed in the budget
Incentives can be announced in the Union Budget 2023 for small and marginal farmers, because not only climate challenges have increased in the last few years, but the cost of agriculture has also increased. Is.
In such a situation, important changes can be made to make agricultural schemes more effective and to ensure the reach of these schemes to every farmer of the country. In this case, the report of SBI Research states that the payment of interest should be favorable in the renewal of loan being made available on Kisan Credit Card (KCC Loan).
It is obvious that for the renewal of loan on Kisan Credit Card, it is mandatory to make full payment of principal and interest to fix the interest subvention amount, but sometimes due to the agricultural needs of small and marginal farmers, KCC loan renewal ( KCC Loan Renewal) also has to be done.
In this matter, SBI’s report has expressed hope that the credit guarantee scheme for agriculture can also be considered in the budget 2023-23. In this case, in the report of Money Control, former SBI chairperson Rajneesh Kumar says that NPA is increasing in agricultural schemes, so the government should improve schemes like KCC.
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Regarding the Kisan Credit Card Scheme, Dr. Vivek Joshi, Secretary, Department of Financial Services, which comes under the Ministry of Finance, had also instructed the public sector banks to update the database of PM Kisan (PM Kisan Yojana) to increase the access of KCC loans to the farmers. can also be included. This will make it even easier to connect small marginal farmers with KCC.
Expectation of change in PM crop insurance scheme
Losses in the agriculture sector are on the rise amid growing climate related challenges. Meanwhile, everyone’s eyes are on the Pradhan Mantri Fasal Beema Yojana (PM Fasal Beema Yojana). Last year, Agriculture Secretary Manoj Ahuja also announced that the central government is fully prepared to make pro-farmer changes in the Pradhan Mantri Fasal Bima Yojana amid climate crisis and continuous development of technologies.
This is also necessary because agriculture is directly affected by climate disasters. Meanwhile, it is necessary to protect the country’s vulnerable farming community from the ravages of the weather. There is every possibility of increasing the demand for Pradhan Mantri Fasal Bima Yojana in the coming times. Meanwhile, there is a need to provide adequate insurance cover to farmers to focus on other aspects of crop, village and agricultural products.
Disclaimer: Some of the information given in the news is based on media reports. Farmer brothers, before implementing any suggestion, do consult the concerned expert.
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