Page 42 - Banking Finance March 2022

ARTICLE

crops for the season 2018-19 with a return of at
least 50 percent over cost of production.
O The Government has decided to implement a new
Central Sector Scheme for providing old age
pension of Rs.3000/- to the eligible small and
marginal farmers as they have minimal or no
savings.
O The Government has been promoting organic
farming in the country through the schemes such
as Paramparagat Krishi Vikas Yojana (PKVY) and
Rashtriya Krishi Vikas Yojana (RKVY).
O Coffee Board has launched block-chain based
coffee e-marketplace. It will help to integrate the
existing Agricultural Product Marketing Committee farmers with markets in a transparent manner.
(APMC).
O NITI Aayog launched in 2016 an index to rank States
Y Direct Benefit Transfer: The NITI Aayog has suggested and UTs based on implementation of seven
that all subsidies for agriculture, including fertiliser, provisions proposed under model APMC Act.
electricity, crop insurance, irrigation and interest
subvention be replaced by income transfer because it O The Mega Food Parks scheme aims to create a
eliminates the leakages of resources in the system. mechanism of linking agricultural production to the
markets, by involving farmers, processors and
Y Diversification of Crops: When farmers go for single
crop type they are exposed to high risks in the event of retailers together in a cluster-based approach
unforeseen climate events, such as emergence of pests
and the sudden onset of frost or drought. Recommendations for Doubling Farmers

Y Crop Diversification Programme (CDP) being Income
implemented which aims to diversify area from water Y NITI Aayog's Model Land Leasing Act must be adopted
guzzling crop like paddy to alternate crops like maize, by all the states and UTs in a time bound manner. It
pulses, oilseeds, cotton & agro-forestry plantation. will bring the futile land into much needed use for

Y Financial Assistance: There are several initiatives taken operational efficiency.
up by the government like: Y Apart from food and nutrition security, Agriculture should
The Union Budget 2019-20 has made the highest ever also be mandated to generate resources as raw materials
allocation to Ministry of Agriculture and Farmers' to feed and support industrial enterprises. Such
Welfare: Rs 1, 30,485 crore, a 140 per cent jump over incorporation will provide greater elasticity to the markets
the '18-19 budget estimate of Rs 57,600 crore. now circumscribed by consumption as food and fodder.
O Pradhan Mantri Fasal Bima Yojna has been
launched to provide relief to the farmers inflicted Y Public investment in agriculture must be raised to 4%
with the loss of crop damage. of the GDP, which is currently only 2.76%
O Kisan Credit Card Scheme aims to provide direct Y Modern machinery such as laser land leveller, direct
benefit to farmers and ease the pressure on them. seeded rice, zero tillage, raised bed plantation and ridge
plantation allow high efficient farming
O Micro Irrigation Fund created with NABARD has
been approved for encouraging public and private Y The insurance sector should design a simple natural
investments. catastrophe product with affordable premium and
simple claim payment methodology
O Implementation of Swaminathan Report -
Recently, the Government has increased the MSP Y Micro-irrigation systems (MI) is one of the possible ways
for all Kharif and Rabi crops and other commercial to improve water use efficiency, it can be seen that the

42 | 2022 | MARCH | BANKING FINANCE