PM Kisan Yojana for you will get 9 thousand rupees

The new year will bring good news for the farmers of the country. The Modi government has a comprehensive plan to open the treasury in 2024 to strengthen the agriculture sector and increase farmers’ income. Under this, farmers will get 9 thousand rupees instead of 6 thousand rupees annually. Apart from this, the scope of crop insurance will also be increased. The government is going to make big arrangements for this in the next budget.

Two senior officials related to the matter said the Modi government may allocate around Rs 2 lakh crore for the agriculture sector in the 2024-25 budget. This will be about 39 percent higher than the Rs 1.44 lakh crore issued in the current financial year. With the help of this fund, not only the income of farmers will increase, but also the coverage of crop insurance will increase.

The Ministry of Agriculture wants to increase the amount of financial assistance given to farmers every year. After the provision in the budget, the Ministry of Agriculture will increase 6 thousand to 9 taka. That means farmers will now be paid Rs 750 per month instead of Rs 500. At present, under PM Kishan Yojana, 6 thousand rupees are given annually. In February, the project completes 5 years since its inception. Therefore, the government is ready to increase the income of farmers by 50 percent for the next 5 years.

Similarly, the scope of Pradhan Mantri Fasal Bima Yojana (PMFBY) implemented for the benefit of farmers is also being extended. Under this scheme, which was launched in 2016, farmers’ crops are insured at a very low premium. For this, the farmers have to pay only one and a half to five percent of the total premium, the remaining amount is deposited by the government.

Under the Rs 60,000 crore Pradhan Mantri Kishan Yojana issued in the current financial year, the budget is set to allocate another 30 percent. Similarly, 17 percent more budget will be allocated under the crop insurance scheme, which was Rs 13,625 crore for 2023-24. However, it is not yet clear whether the budget provision will be made in the interim budget announced on February 1 or in the full budget announced in July after the Lok Sabha elections.

Officials say that for the financial year 2024-25, Rs 18,000 crore is required under the crop insurance scheme. Currently, we have an allocation estimate of Rs.16 thousand crores. At present, we do not have exact statistics on the rabi crop. Next year we may have a huge liability in the form of crop insurance. This year alone, Rs 12,000 crore is required for crop insurance, while the burden on Maharashtra may rise by another Rs 5,000 crore next year.

Aditya Shesh, a member of the expert committee in the agriculture ministry, said raising the MSP of rice and wheat and reforming the Kisan Samman Nidhi scheme were being considered given inflation and weather effects on production. During this time, an allocation of Rs 18,000 crore is also expected for the crops department of the ministry. The agriculture sector is growing at a sustainable growth rate of about 4 percent per year. However, small farmers still face many challenges and are fully prepared to address these challenges by providing more funds in the upcoming budget.

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