Hint: The government will do the following things to assist farmers like Sekar once they get into debt:
Provision of straightforward farming loans from the banks at a low rate of interest.
Insurance of their cultivation.
Provision of supported fertilizers, pesticides, and HYV seeds.
Farming faculties and facilitates ought to be provided at no value.
Complete answer:
With a read to make sure availableness of agriculture credit at a reduced rate of interest of seven p.a. to the farmers, the government of the Republic of India within the Department of Agriculture Cooperation and Farmers’ Welfare (DAC&FW) implements an Interest Subvention theme for brief-term crop loans up to Rs. 3.00 lakh. The theme provides interest subvention of twenty-two every year to Banks on the use of their own resources. Besides, a further three-dimensional incentive is given to the farmers for prompt compensation of the loan, thereby reducing the effective rate of interest to four-dimensional.
The benchmark for initiating relief measures by banks has additionally been reduced from five-hundredths to thirty-third crop loss in line with the National Disaster Management Framework. Banks have additionally been suggested to not insist on extra collateral security for restructured loans.
To enhance coverage of little and marginal farmers within the formal system, the tally has been determined to lift the limit for collateral-free agriculture loans from Rs. one 100000 to Rs. 1.6 lakh.
To bring little, marginal, tenant farmers, oral lessees, etc. into the fold of institutional credit, Joint Liability teams (JLGs) are promoted by banks.
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) theme has been enforced to produce AN assured financial gain support to all or any farmers, regardless of the dimensions of their land holdings subject to the exclusion issue. Under this theme direct financial gain support at the rate of Rs. 6,000 each year is going to be transferred directly into the bank accounts of beneficiary farmers, in 3 equal installments of Rs. 2,000 each.
Pradhan Mantri Fasal BimaYojana (PMFBY) provides a comprehensive insurance cowl against the failure of insured crops because of non-preventable natural risks, therefore providing financial backing to farmers suffering crop loss/ injury arising out of unforeseen events; stabilizing the financial gain of farmers to make sure their continuance in farming; and inspiring them to adopt innovative and fashionable agricultural practices.
Note: For the development of agriculture and welfare of farmers of the country, the government in DAC&FW, is implementing numerous Central Sector/ Centrally Sponsored Schemes, that include:
Rashtriya Krishi Vikas Yojana (RKVY)
National Food Security Mission (NFSM)
National Agriculture Market (e-NAM)
National Mission for Property Agriculture (NMSA)
This was declared by the Union Minister of Finance & Company Affairs, Smt. Nirmala Sitharamanin a written reply to a Parliament question in Rajya Sabha nowadays.
