Agricultural Sector Reforms: Punjab Farmers Benefit from MSP Hike, Subsidies, Financial Assistance

Kumar Rakesh
New Delhi, 12th Feb. In a boost to Punjab’s agricultural sector, the central government has announced a substantial increase in Minimum Support Prices (MSP), with paddy witnessing a surge of 64 percent and wheat experiencing a 58 percent hike. These measures are aimed at bolstering farmers’ income and ensuring their welfare.

Supportive Measures for Farmers:
The government has allocated a substantial subsidy amounting to Rs 55 thousand crores over the past six years for the purchase of 263 lakh tonnes of fertilizer, further easing the financial burden on farmers and facilitating agricultural productivity.

Enhanced Financial Assistance:
Acknowledging the importance of credit accessibility, concessional credit to Punjab farmers has been augmented to Rs 60,313 crore, a significant rise from Rs 41,162 crore five years ago. This initiative is poised to empower farmers by providing them with the necessary financial resources to enhance agricultural practices.

Insurance Coverage and Income Support:
Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), over Rs 8,000 crore has been disbursed as insurance payouts to farmers in Punjab since 2016. This comprehensive insurance scheme offers financial protection to farmers against crop losses due to natural calamities, ensuring stability in their livelihoods.

Additionally, the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme has proven to be instrumental in providing direct income support to farmers. With over Rs 5,000 crore disbursed to 19.74 lakh farmers in Punjab since 2019, PM-KISAN continues to alleviate financial distress and promote the well-being of farmers across the state.

Empowering Punjab’s Agricultural Community:
These initiatives highlight the government’s commitment to empowering Punjab’s agricultural community and fostering sustainable growth in the sector. By addressing key challenges such as income stability, financial assistance, and risk mitigation, these measures aim to ensure the prosperity and resilience of farmers in Punjab.