Mar 04,2019 | 4 min read

Highlighting Income Support Scheme for Farmers Under Budget 2019

Highlighting Income Support Scheme for Farmers Under Budget 2019

"There is a need for providing structured income support to poor landholding farmer families in the country," said Goyal, while announcing the scheme. This interim budget unwrapped wonders for middle class families and farmers by exempting them from major tax slabs. Post the announcement of the financial budget 2019, Finance Minister, Piyush Goyal, proposed a cash transfer scheme to provide income support to small and marginalised farmers.

This breakthrough will allow vulnerable farmer families to attain record levels of agricultural produce and build a more prestigious profile for themselves. “Genuine efforts have been made to remove hardships from the lives of these farmers by providing them with Soil Health Cards, quality seeds, irrigation scheme and Neem Coated Urea to remove shortage of fertilisers”, said Goyal.

Let’s take a look at some of the highlights from the farmers income support scheme proposed in budget 2019:

  • Under the Kisan Samman Nish scheme, Modi governments plans to offer income support to marginal farmers at Rs 6,000 per year.
  • The Finance Minister allocated a sum of Rs 75,000 crore under the farmer income support scheme.
  • The Finance Minister is also expected to raise this allocation under MNREGA to Rs 60,000 crore for FY 2020.
  • India grants Rs 19,000 crore for the construction of rural roads in 2019-2020
  • The income support scheme for famers in this year’s budget is expected to create an impact of Rs 20,000 in current fiscal year.

Though this budget was supposed to be an interim one this year but its perks have really transformed the lives of these marginal farmers. This income support is likely to increase their income, boost consumption and promote better quality developers.

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