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Government Launches Agri-Credit and Crop Insurance Initiatives to Empower Farmers
Agriculture Event News

Government Launches Agri-Credit and Crop Insurance Initiatives to Empower Farmers

Union Finance Minister Nirmala Sitharaman and Union Agriculture Minister Narendra Singh Tomar jointly announced a series of initiatives aimed at bolstering agricultural credit accessibility and crop insurance coverage.

The Ministry of Agriculture & Farmers Welfare introduced three key initiatives: the Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and a comprehensive manual on Weather Information Network Data Systems (WINDS). These endeavors are set to revolutionize agriculture, promote financial inclusion, optimize data utilization, and ultimately enhance the lives of farmers nationwide.

Speaking at the event, Union Finance Minister Nirmala Sitharaman pledged full support from banks to ensure the success of the Ghar Ghar KCC Abhiyan. She emphasized the government’s commitment, under the leadership of Prime Minister Narendra Modi, to allocate sufficient funds to facilitate easy access to short-term loans for farmers.

Minister Sitharaman also commended the Ministry of Agriculture for the successful implementation of the Pradhan Mantri Fasal Bima Yojana (PMFBY), which has disbursed over Rs. 1,40,000 crores in insurance claims to farmers, surpassing a premium amount of Rs. 29,000 crore.

Furthermore, she applauded real-time crop estimation for rice and wheat and called for its extension to Dalhan and Tilhan crops to better plan for potential imports. Stressing the importance of real-time crop estimation, the Finance Minister highlighted its potential to boost the economy and ensure fair prices for farmers at the end of each crop season. She also advocated for the full automation of regional rural banks and cooperative banks and directed the Department of Financial Services to address any gaps between loan sanction and disbursement in these institutions.

Union Agriculture Minister Narendra Singh Tomar underscored the government’s unwavering commitment to agriculture and the rural economy. He revealed that the budget for the Ministry of Agriculture has witnessed a significant increase, rising from Rs. 23,000 crore in 2013-14 to Rs. 1,25,000 crore in the current fiscal year.

Minister Tomar explained the significance of the WINDS manual, which aims to provide real-time weather information to help farmers take timely precautions for their crops. He emphasized the importance of technology and transparency in agriculture and praised the government’s efforts in this direction.

Minister Tomar highlighted the presence of approximately 9 crore beneficiaries under PM Kisan Samman Nidhi and the objective of the KCC Ghar Ghar Abhiyaan to connect around 1.5 crore beneficiaries who are not yet enrolled in the KCC scheme. He expressed gratitude to the Ministry of Finance and banks for distributing approximately 2 crore Kisan Credit Cards to farmers, even during the challenging times of the pandemic. Minister Tomar acknowledged that the agriculture and rural sectors played a pivotal role in sustaining the economy during the pandemic.

During the event, Ritesh Chauhan, Joint Secretary (Credit) and CEO of PMFBY, provided a detailed presentation on the initiatives, highlighting the record enrollment in the Pradhan Mantri Fasal Bima Yojana (PMFBY) this year, driven by technological interventions.

The launch ceremony was attended by Minister of State for Agriculture Sushri Shobha Karandlaje, Kailash Chaudhary, Secretary Agriculture Manoj Ahuja, Secretary DFS Vivek Joshi, OSD (Credit) Ajit Kumar Sahu, CEO-PMFBY Ritesh Chauhan, Chairman NABARD Shaji KV, and numerous dignitaries from allied departments and the agricultural sector.

This launch event underscores the Indian government’s commitment to innovation and efficient service delivery in agriculture, with the ultimate goal of doubling farmers’ income. Initiatives like the Kisan Rin Portal (KRP), Ghar-Ghar KCC Abhiyaan, and WINDS Manual reflect the government’s dedication to farmers’ prosperity, innovation, technology integration, and goal-oriented service delivery. These endeavors are poised to facilitate agricultural transformation and sustainable economic growth for farmers across the nation.

The Kisan Rin Portal (KRP) is the result of collaborative efforts between the Ministry of Agriculture & Farmers Welfare, the Department of Financial Services (DFS), the Department of Animal Husbandry & Dairying (DAH&D), the Department of Fisheries (DoF), RBI, and NABARD. KRP is set to revolutionize access to credit services through the Kisan Credit Card (KCC) and assist farmers in availing subsidized agriculture credit through the Modified Interest Subvention Scheme (MISS).

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