Finance Minister Piyush Goyal announced his first Union Budget on Friday, February 1. Here are all the key announcements made for the farmers.
Under PM Kisan programme, small and marginal farmers having less than two acres of land will get Rs. 6,000 directly in their bank accounts in three installments of Rs. 2,000.
The scheme has a budget of Rs 75,000 crore and will entirely be financed by the central government. It is expected to reach over 12 crores farmers across the country.
Mahatma Gandhi National Rural Employment Guarantee (MGNREGA) program’s allocation increased by Rs. 5,000 crores in 2019-20. The budget allocated Rs. 60,000 crores for this important scheme to provide employment to the rural poor
Farmers affected by natural calamities will get an incentive of three per cent on repaying their loans on time. This will be in addition to the two per cent interest subvention that they get now.
Two percent interest subsidy will be given to farmers involved in animal husbandry activities via kisan credit card scheme.
The government also announced Rashtriya Kamdhenu Aayog, a scheme to enhance the productivity of cows. Rs. 750 crores were allocated to this scheme.