Govt allocates 6.5 lakh crore annually to foster farmers’ development: PM Modi

Addressing the 17th Indian Cooperative Congress in New Delhi, the Prime Minister reaffirmed the government’s unwavering commitment to supporting the agricultural community and promoting their economic growth.

During his speech, he commended the invaluable contributions of farmers and acknowledged their crucial role in driving India’s progress. He emphasized the substantial financial assistance provided by the government, with an annual allocation exceeding 6.5 lakh crore, aimed at safeguarding the well-being and fostering the development of farmers across the nation.

PM Modi commended the transformative initiatives undertaken by the government to address the challenges faced by farmers and strengthen their economic prospects. He highlighted the success of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, a direct income support program that has disbursed more than ₹2.5 lakh crore ($33 billion) to farmers over the past four years. This amount surpasses three times the total agricultural budget allocated in the five years preceding 2014.

In his address, the prime minister acknowledged the concerns regarding the rising global prices of fertilizers. He reassured farmers that the government is actively working to alleviate this burden and has allocated over ₹10 lakh crore in the past nine years towards fertilizer subsidies.

Prime minister underscored the government’s resolute dedication to guaranteeing profitable prices for farmers’ produce. He emphasized recent initiatives, including a comprehensive package worth ₹3.7 lakh crore, as well as the introduction of a remunerative price of ₹315 per quintal for sugarcane farmers.

Furthermore, he highlighted the ongoing endeavours to digitize Primary Agricultural Credit Societies (PACS), with more than 60,000 societies already computerized. He urged cooperatives and banks to embrace core banking and digital transactions, recognising their potential to benefit farmers and the wider economy.

Updated: 01 Jul 2023, 02:55 PM IST