Agriculture is a significant sector in India, with over 50% of the country’s population dependent on it for their livelihood. The Indian government recognizes the importance of this sector and has put in place various policies and regulations to support and encourage agricultural activities.
The Indian government recognizes the importance of agriculture and has put in place various policies and regulations to support and encourage agricultural activities. By being aware of the tax provisions for agricultural income, farmers can ensure that they are able to focus on their primary goal of producing food for the nation and contribute to the overall development of the agriculture sector in India.
The budget for 2023 has brought with it a number of major government benefits for farmers in India. These benefits are aimed at supporting the agricultural sector and helping farmers to increase their productivity and income.
- Pradhan Mantri Fasal Bima Yojana (PMFBY): This is a crop insurance scheme that provides financial assistance to farmers in the event of crop failure due to natural calamities. Under the 2023 budget, the government has allocated Rs 17,000 crore for this scheme, which is a significant increase from previous years.
- Kisan Credit Card Scheme: This scheme provides credit to farmers for their farming needs. The government has increased the credit limit for farmers from Rs 1 lakh to Rs 2 lakh, which will help them to carry out their farming activities smoothly.
- Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN): This scheme provides financial support to small and marginal farmers. The government has allocated Rs 75,000 crore for this scheme in the 2023 budget, which is a major boost for farmers.
- Soil Health Cards: The government has launched a new initiative to provide soil health cards to farmers. These cards will provide information on the nutrient status of the soil, which will help farmers to make informed decisions on the type of crops to grow and the type of fertilizers to use.
- Agriculture Infrastructure Fund: The government has launched a new Agriculture Infrastructure Fund, which will provide financial support to farmers for setting up agri-infrastructure facilities such as cold storage, warehousing, and food processing units. This will help farmers to get better prices for their produce and reduce post-harvest losses.
- Micro Irrigation Fund: The government has set up a Micro Irrigation Fund, which will provide financial assistance to farmers for setting up micro-irrigation systems. These systems help to conserve water and increase the efficiency of irrigation.
- Agri-Marketing and Agri-Business Incubation: The government has launched a new initiative to promote agri-marketing and agri-business incubation. Farmers will benefit from higher crop prices and an increase in revenue as a result of this.
- E-NAM (National Agricultural Market): The government has launched an electronic national agricultural market (e-NAM) platform, which will provide a common platform for farmers to sell their produce. This will help farmers to get better prices for their produce and increase their bargaining power.
- Agricultural Education and Research Institutes: The government has increased the allocation for agricultural education and research institutes, which will help to improve the quality of education and research in the agricultural sector.
- Krishi Vigyan Kendras (KVKs): The government has set up Krishi Vigyan Kendras (KVKs) in various parts of the country, which provide training and technical assistance to farmers on various aspects of farming.
- Fertilizer Subsidy: The government provides a subsidy on fertilizers, which helps farmers to reduce their input costs. The 2023 budget has increased the allocation for fertilizer subsidy, which will benefit farmers.
- Agricultural Credit: The government provides credit to farmers for their farming needs. The 2023 budget has increased the credit limit for farmers, which will help them to carry out their farming activities smoothly.
- Interest Subvention: The government provides interest subvention to farmers, which helps them to reduce the cost of credit. The 2023 budget has increased the allocation for interest subvention, which will benefit farmers.
- PM Kisan Tractor Scheme 2023; State-Specific Online Tractor Subsidy Yojana: As the name implies, this scheme has something to do with tractors. Although a tractor is a necessary component of farming, due to their high price, not many farmers can afford one. They would then need to rent a tractor, which would increase the price. In light of this circumstance, the government introduced the Tractor Scheme, which offers qualifying farmers a subsidy for the purchase of tractors. State-level implementation of the programme has already begun in a number of states throughout the nation, including , Madhya Pradesh, Maharashtra, Bihar, and Assam.
In conclusion, the 2023 budget has brought with it a number of major government benefits
