Madhya Pradesh

Budget Boost: MP Farmers to Benefit from Increased Loan Limit of ₹5 Lakh

Bhopal: The Union Budget presented by Finance Minister Nirmala Sitharaman will serve as a powerful tool for empowering farmers. While efforts are being made to ensure that farmers don’t have to depend on anyone for funding their agricultural activities, the government will also help pulse and cotton-producing farmers increase productivity. How Farmers Will Benefit High-yielding seeds will be developed and spread, bringing new varieties to increase production and make farming more profitable. In Madhya Pradesh, 65,83,726 farmers have been issued credit cards, allowing them to avail loans of up to ₹3 lakh. These loans are provided without interest through cooperative banks and are used for buying seeds, fertilizers, and preparing fields, among other activities. Now, the loan limit has been increased to ₹5 lakh, meaning farmers will receive an additional ₹2 lakh. This will likely encourage more farmers to join the cooperative system, which will also reduce farming costs.

Focus on Self-sufficiency in Pulse Production  The government has announced a mission to achieve self-sufficiency in pulse production. In Madhya Pradesh, a leading producer of pulses, the area under pigeon pea (tuar) and urad has been decreasing. This is due to higher costs and lower prices compared to other crops. According to the Economic Survey of 2023-24, there was a 6.63% decrease in the area under pigeon pea in 2023-24 compared to 2022-23. Similarly, the area under urad dropped by 34%, although the area under lentils increased by 5.80%. Fortunately, production hasn’t been significantly affected. The plan will focus on improving productivity in districts with low yields, low loans, and fewer resources. Rural Prosperity and Job Creation The government’s rural prosperity and flexible infrastructure program aims to create employment opportunities in agriculture through skills, investment, and technology. This will stimulate the rural economy. The first phase of the plan aims to include 100 developing agricultural districts. In Madhya Pradesh, cotton cultivation, a major commercial crop, is primarily located in the Malwa region, covering around 6.5 lakh hectares and yielding 9.17 lakh tons. The newly launched mission by the central government will benefit the farmers of Malwa and Nimar regions.

Focus on Increasing Farmers’ Income To increase farmers’ income, the budget focuses on related agricultural sectors. Programs will be introduced to promote the cultivation of vegetables and fruits, as well as processing, cold storage, and ensuring farmers receive fair prices. Farmers in the state are being encouraged to engage in horticultural crops alongside traditional farming. The area under vegetables has increased from 11.88 lakh hectares to 12.19 lakh hectares, with production reaching 242.62 lakh tons. The production of potatoes, tomatoes, and onions has increased. Similarly, fruit cultivation now covers 4.5 lakh hectares, with an output of nearly 100 lakh tons, including bananas, mangoes, and oranges. Government’s Focus on Implementation Speaking on the budget’s provisions, former agriculture director GS Kaushal said that while the plans have been in place for some time, the issue has always been with their implementation. Programs for increasing pulse production were launched in the past, but farmers didn’t see the benefits that were intended. The same issue applies to cotton. Horticultural crops can definitely be profitable, but only if farmers receive fair prices. The current problem is with the market, where middlemen often exploit farmers. Although the credit limit under the farmer credit card scheme has been increased from ₹3 lakh to ₹5 lakh, it could potentially add more debt on farmers. Instead, the government should guarantee minimum support prices (MSP), expand processing and storage facilities, and ensure that farmers can sell their produce at fair prices.

Jeet

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