In his address to the nation on May 25, 2023, Prime Minister Narendra Modi highlighted that the government’s annual expenditure on agriculture and farmers’ welfare exceeds Rs 6.5 lakh crore. This budget encompasses various schemes such as Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), Pradhan Mantri Fasal Bima Yojana (PMFBY), and Rashtriya Krishi Vikas Yojana (RKVY).
Under the PM-KISAN scheme, eligible farmers receive a direct income transfer of Rs 6,000 per year. PMFBY offers crop insurance to farmers to mitigate losses caused by natural calamities. RKVY, on the other hand, is a centrally-sponsored initiative that provides financial assistance to states for implementing agriculture development schemes.
The Prime Minister emphasized the government’s objective to double farmers’ income by 2022. To achieve this, several measures are being taken, including improving access to markets, enhancing irrigation facilities, and encouraging crop diversification.
While the government’s substantial investment in agriculture is noteworthy, it is important to acknowledge that the sector continues to face numerous challenges. These challenges include low productivity, high input costs, and limited market access. Therefore, sustained investment in the agricultural sector is crucial to overcome these obstacles and realize the goal of doubling farmers’ income.
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