Budget Allocation For PM-KISAN Set At Rs 75,000 Crore As Govt Allocates 30 Per Cent Higher Fund For AgricultureA farmer walks through a mustard field in Baranvillage near Patiala. (STRDEL/AFP/GettyImages)

With focus on the agriculture sector in the country, the Centre has provided higher budget allocation for agriculture and its allied activities as well as to the food and food processing sector for the financial year 2020-21, reports Economic Times.

According to the report, the fund allocated for the agriculture and farmers welfare ministry has increased by 30 per cent to Rs 1,42,761.58 crore as against the revised estimate of Rs 1,09,750.17 crore for the ongoing financial year.

Of the total allocation, the PM-KISAN scheme has been allocated the maximum fund of Rs 75,000 crore for the 2020-21 financial year, followed by the Pradhan Mantri Fasal Bima Yojana (PMFBY) which got Rs 15,695 crore. The government has also allocated Rs 2,000 crore for the price stabilisation scheme (PSS).

Besides, Rs 600 crore has been allocated for promoting farm mechanisation, Rs 500 crore each for PM-Asha sceme and setting up of 10,000 Farmers Producers Companies (FPOs). Rs 220 crore has been allocated for PM Kisan Samman Nidhi for the next fiscal.

The allocation for the PM-KISAN scheme, under which Rs 6,000 are provided in three equal instalments to each beneficiary farmer annually, has been kept at Rs 75,000 crore for the FY21 as against the Rs 54,370.15 crore provided in the revised estimate for this year.

Rs 8,362.58 crore has been provided for the agriculture and research development for FY21 as against Rs 7,846.17 crore in the revised estimate.

The government has also focused on allied farm activities like dairy that can bring additional income to the farmers.

The government has increased the allocation for animal husbandry, livestock, dairy and fishery ministry to Rs 4,114.13 crore for the FY21 from the revised estimate of Rs 3,490 crore.

The allocation for the food processing ministry has been increased to Rs 1,232.94 crore for the next fiscal from the revised estimate of Rs 1,042.79 crore. Meanwhile, Rs 1,15,569.68 crore has been allocated for the food and consumer affairs ministry for the next fiscal against the revised estimate of Rs 1,08,688.35 crore.

However, for the fertiliser and chemicals ministry, the budget allocation has been reduced to Rs 71,563.34 crore for the next fiscal from the revised estimate of Rs 80,405.18 crore.

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