India is an agricultural nation, with a significant portion of the population depending on agriculture for their livelihood. To strengthen the economic condition of farmers, the Central Government has implemented several schemes to promote the agricultural sector.
These projects provide financial assistance as well as security and access to modern agricultural technology. Here is information about such important projects.
- PM-Kisan Samman Nidhi: Launched in February 2019, this scheme provides small and marginal farmers with an annual cash transfer of ₹6,000 in three installments (₹2,000 each) to their Aadhaar-linked bank accounts. So far, ₹3.68 lakh crore has been disbursed in 19 installments. The 20th installment is expected to be disbursed by August 2025.
- Pradhan Mantri Fasal Bima Yojana (PMFBY): Launched in 2016, this insurance scheme protects farmers against crop loss due to natural calamities, diseases, or pests. It provides income stability with affordable premiums. However, states like Gujarat, Jharkhand, Telangana, and Bihar have opted out due to high premiums and claims issues.
- Agriculture Infrastructure Fund (AIF): Launched in July 2020, this scheme provides low-interest loans to agri entrepreneurs for cold storage, warehousing, packaging and farm machinery. The sanction in Punjab has increased from ₹4,713 crore to ₹7,050 crore.
- Soil Health Card Scheme: Launched in February 2015, this scheme provides farmers with individual soil health cards based on soil testing. It indicates crop-specific nutrient deficiencies, thereby promoting balanced use of chemical fertilizers and better yields.
- Kisan Credit Card (KCC): Launched in 1998, this scheme provides low-interest loans of up to ₹5 lakh for activities like fishing, dairying, etc. There is an interest subsidy of 7% under the MISS scheme extended till 2026.
- PM-Kisan Mandhan Scheme: Farmers in the age group of 18-40 can get a pension of ₹3,000 per month after the age of 60 by contributing ₹55-200 per month. This scheme is easy to use as it is automatically deducted from PM-Kisan premiums. All these schemes provide comprehensive support to farmers through immediate income support, insurance, credit and technology-led infrastructure.