Finance Minister Likely to Make Big Announcements for Farmers in Budget 2023-24; Increase PM Kisan Payout & More

Union Finance Minister, Nirmala Sitharaman will be presenting the budget for the year 2023-24 on Wednesday (February 1). Everybody including the farmers are eagerly waiting for the government to announce the budget 2023. 

As per sources, the government is likely to make some special announcements for the farmers. The finance minister could announce a hike in the PM Kisan Samman Nidhi payout from Rs. 6000 to Rs. 8000 per year. Since long, the farmers as well as industry/agri experts have been asking the government to increase the amount that it provides under Pradhan Mantri Kisan Samman Nidhi Yojana.

According to industry experts, the government in this year’s Budget should enhance cash assistance given to farmers under the PM Kisan yojana from the current Rs 6,000 per annum for purchase of crop inputs, cut import duties on agrochemicals and provide tax incentives to agritech startups. They also demanded incentives to farmers as well as agritech startups for quick adoption of technologies, like artificial intelligence (AI), precision farming etc., in Indian agriculture sector.

In November last year, Bharatiya Kisan Sangh also urged the Centre to increase the money under PM Kisan, considering the rise in prices of agricultural inputs in recent years.

Keeping all these points and demands in mind, sources claim that the Modi government will make big announcements for the farming community as well as agriculture sector.

Incentives for Farmers & Agri startups, Hike in PM Kisan payout to be announced in Budget 2023-24

The most obvious and awaited announcement could be hike in PM Kisan Samman Nidhi payout along with reduction in GST on agrochemicals. It is also expected that Centre may come up with news incentives for farmers that could increase production of millets and other crops.

PM Kisan Samman Nidhi 13th Installment Update

According to media reports, the 13^th installment of PM Kisan scheme could now be released after the budget 2023. Most likely it could be disbursed in the first week of February, however there is no official confirmation from the government regarding this.

For more details visit the official PM Kisan website.