As we had speculated earlier, the Budget 2019 features numerous sops to farmers to counter farmer distress. Most significantly, structured income support will be provided to farmers through the Pradhan Mantri Krishan Samridhi Yojana.
Breaking: Structured income support for the Poor In India- to provide an assured income support to the small and marginal farmers-Pradhan Mantri Krishan Samridhi Vridhi is being launched – Piyush Goyal #Budget2019
— OpIndia.com (@OpIndia_com) February 1, 2019
Rs. 6000 will be provided to farmers with less than 2 hectares of land annually in three instalments. It will cost the state Rs. 75,000 crores per year.
In addition, a 2% interest subvention has been provided to farmers who practice animal husbandry and fisheries. An additional 1% interest subvention will be given if loans are repaid on time.
2% interest subvention to Farmers practicing fisheries and animal husbandry. For those who avail loans through kisan credit cards. If they repay loan timely then additional 1% interest subvention – Piyush Goyal #Budget2019
— OpIndia.com (@OpIndia_com) February 1, 2019
The PM Kisaan Samman Nidhi will also support farmers in procuring basic inputs like seeds and fertilizers. The move will also benefit the seeds and fertilizers industries. Allocation for Rashtriya Gokul Mission has been increased to Rs. 750 crores.
In addition, farmers who have been severely affected by natural calamities will receive a 2% interest subvention on loans and additional 3% subvention on timely repayment.
FM Piyush Goyal: Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment pic.twitter.com/X2mLg9KIhC
— ANI (@ANI) February 1, 2019
GauMata has also featured prominently in the Budget. The Rashtriya Kamdhenu Aayog will be set up to ensure the welfare of cows, including genetic improvement and sustainable development. Acting Finance Minister Piyush Goyal said, “Yeh sarkar kabhi Gau mata ke samman mein peeche nahi hategi. (This government will never shy away from honouring our Mother Cow).”
