10,142.15113.05
Stock Analysis, IPO, Mutual Funds, Bonds & More

Govt to double farmers' income by 2022 by focusing on 7 sources of income, says Economic Survey

The Government has set a target of doubling of farmers’ income by the year 2022 and constituted the DFI.

ET Bureau|
Last Updated: Jul 04, 2019, 05.24 PM IST
0Comments
Agencies
Farmers-Women-
The Government has constituted an Empowered Body on January 23, 2019 for monitoring the implementation of the recommendations of the DFI Strategy.
PUNE: The Inter-Ministerial Committee to examine issues relating to Doubling of Farmers’ Income (DFI) and recommend strategies has identified seven sources of income to double farmers's income by 2022.

The Government has set a target of doubling of farmers’ income by the year 2022 and constituted the DFI. "The Committee has identified seven sources of income growth namely, improvement in crop productivity; improvement in livestock productivity; resource use efficiency or savings in the cost of production; increase in the cropping intensity; diversification towards high value crops; improvement in real prices received by farmers; and shift from farm to non-farm occupations," informed the Economic Survey.

However, it did not give any new program to increase the income of farmers from the seven identified sources and went on to list the initiatives already launched.

The survey noted: "Several initiatives have already been rolled out on the recommendations of DFI Committee which inter-alia include advocating progressive market reforms through the State Governments, Encouraging contract farming through the State Governments by promulgating of Model Contract Farming Act, Up-gradation of Gramin Haats to work as centers of aggregation and for direct purchase of agricultural commodities from the farmers, e-NAM to provide farmers an electronic online trading platform, Distribution of Soil health Cards to farmers so that the use of fertilizers can be rationalized, Increase water efficiency through Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)-“ Per drop more crop”, Better insurance coverage to crops for risk mitigation under Pradhan Mantri Fasal Bima Yojana (PMFBY), providing total interest subvention up to 5 per cent (inclusive of 3 per cent prompt repayment incentive) on short-term crop loans up to R3 lakh, thus making loan available to farmers at a reduced rate of 4 per cent per annum and extended the facility of Kisan Credit Card (KCC) for animal husbandry and fisheries related activities as well as Interest Subvention facilities to such categories of farmers."

The Economic Survey claimed that the increase in the Minimum Support Price (MSPs) for all Kharif & Rabi crops for 2018-19 season at a level of at least one and half times of the cost of production as giving major boost for farmers' income.

Further, the Survey has listed a new Central Sector Scheme for providing old age pension of Rs 3000/- to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years. The scheme aims to cover around 5 crore beneficiaries in the first three years. It would be a voluntary and contributory pension scheme, with entry age of 18 to 40 years. The Government has approved a budgetary provision of Rs 10,774.50 crore for the scheme till March 2022.

The Government has constituted an Empowered Body on January 23, 2019 for monitoring the implementation of the recommendations of the DFI Strategy.

(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service