Karnataka's Agricultural Industry Receives Funding Worth Rs 39 Billion to Help Farmers

Chief Minister Basavaraj Bommai has allocated a total grant of Rs 39,031 crore to Karnataka's sector of agriculture and related activities for the year 2023–2024 in an effort to placate the farming community. It includes a Rs 25,000 crore allocation for irrigation to boost agricultural output.

Other significant statements include supporting millet growers, using cutting-edge technologies in agriculture, and raising the number of short-term loans.

Bommai has allocated Rs 50 crore for a new program that was developed in conjunction with ISRO to use geospatial technologies in digital farming. The latter announced an incentive of Rs 10,000 per hectare under the 'Raithasiri' scheme for minor millet growers, citing the international year of millets.

The chief minister contributed Rs 1,500 crore in the current year to raise the revolving fund for food grain purchases under MSP operations to Rs 3,500 crore. The state MSP operations will have the greatest revolving fund in their history, he continued.

With a goal of distributing Rs 25,000 crore in loan proceeds to more than 30 lakh recipients, the short-term interest-free loan limit has been raised from Rs 3 lakh to Rs 5 lakh in an effort to help farmers financially.

According to Bommai, Kisan credit card holders will receive an additional Rs 10,000 subsidy in 2023–2024 under the new 'Bhoo Siri' program. According to the CM, 56 lakh small and marginal farmers will receive life insurance through the Jeevan Jyothi Bhima Yojana at a cost of Rs 180 crore.

He further noted that the Yettinahole project was intended to supply water in 2023–2024 by finishing the construction of the gravitational canal and feeder canals up to the Tumakuru area.