The central government has announced a ₹20,000 crore relief package to assist farmers nationwide in the face of growing concerns about rising inflation and unseasonable rains that are affecting agricultural output.
Important Aspects of the Relief Package:
Direct Cash Transfers: Under the PM-Kisan Yojana, qualified farmers will receive direct financial assistance along with a one-time bonus.
Seed and Fertilizer Subsidies: subsidies for necessary agricultural inputs, such as pesticides, seeds, and fertilizers, in order to reduce production costs.
Loan Interest Waiver: To avoid debt distress, interest rates on agricultural loans are temporarily waived or reduced.
Crop Insurance Support: Farmers who have experienced crop losses as a result of unfavorable weather conditions are eligible for increased compensation under the Pradhan Mantri Fasal Bima Yojana.
MSP Procurement: In order to stabilize farmers' incomes, the government will make sure that wheat, rice, and pulses are better procured at the Minimum Support Price (MSP).
Why This Particular Package?
Impact of Inflation: Farming has become more costly due to rising fuel, fertilizer, and transportation costs.
Unseasonal Weather: Standing crops in a number of states have been harmed by recent unplanned rains and hailstorms.
Farmer Protests: Pressure from unions calling for loan waivers and improved financial assistance.
Responses:
Unions of Farmers: While applauding the action, some leaders are calling for a long-term solution, which includes a legal guarantee for MSP.