Union Finance Minister Nirmala Sitharaman on Thursday presented the interim Budget ahead of the upcoming Lok Sabha elections, addressing key aspects of the government's fiscal plans. One significant highlight of her budget speech was the reaffirmation of the commitment to the 'PM Kisan Samman Yojana'.
Sitharaman emphasised the continuation of the scheme, which annually extends direct financial assistance to a substantial 11.8 crore farmers. This inclusive initiative encompasses both marginal and small-scale farmers, ensuring that a broad spectrum of the agricultural community benefits from this support.
What is PM Kisan Samman Yojana?
The PM Kisan Samman Yojana has been a pivotal component of the government's efforts to bolster the agricultural sector and provide a robust safety net for farmers across the nation. The direct financial assistance under this scheme plays a crucial role in enhancing the economic well-being of farmers, contributing to the overall growth and stability of the agricultural economy.
Presenting the pre-election Budget, Sitharaman outlined key measures aimed at fostering the continued growth of the agriculture sector. Emphasising the importance of post-harvest activities, she expressed the government's commitment to promoting both public and private investment in this crucial phase of the agricultural value chain.
Atmanirbharta for Oil Seeds, modern farming schemes, Crop Insurance
As part of the comprehensive approach towards achieving self-reliance (Atmanirbharta) in the agriculture sector, particular attention will be directed towards the cultivation of oilseeds. The government envisions robust initiatives to bolster the production and processing of oilseeds, contributing to enhanced self-sufficiency and reduced dependency on imports, she said.
Furthermore, the Finance Minister highlighted the implementation of modern farming schemes as a pivotal component of the government's strategy for the agricultural sector. These schemes are designed to incorporate cutting-edge technologies and best practices, ensuring that farmers have access to advanced tools and methodologies to optimize their agricultural practices.
In the realm of risk mitigation, Crop Insurance emerged as a key focus area in the Finance Minister's address. The government aims to strengthen and expand the Crop Insurance framework, providing farmers with a more comprehensive safety net against unforeseen challenges such as adverse weather conditions and crop-related losses.
Overall, these measures underscore the government's commitment to ensuring the resilience and sustainability of the agriculture sector. By encouraging investments in post-harvest activities, promoting self-sufficiency in oilseeds, implementing modern farming schemes, and enhancing Crop Insurance coverage, the government seeks to empower farmers and fortify the foundations of India's agricultural landscape, the Union Finance Minister added.
What is interim Budget?
An interim budget serves as a provisional financial statement issued by the government, typically presented in an election year. Differing from a complete annual budget, the interim budget is designed to address a shorter timeframe, bridging the gap until a new government is established post-elections.
This budget provides a snapshot of the government's revenue and spending for a portion of the fiscal year, enabling it to manage its financial obligations until the new administration introduces a comprehensive budget.
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