The credit to agricultural and allied activities was in double digits during the financial year 2024 as per Economic Survey 2023-24 tabled by Union Finance Minister Nirmala Sitharaman in Parliament on Monday.According to the figures shared by the finance minister, the agricultural credit had increased nearly 1.5 times from Rs 13.3 lakh crore in FY21 to Rs 20.7 lakh crore in the financial year 2024.Highlights of the surveyThe Economic Survey 2024 not only highlighted the role of the Kisan Credit Card (KCC) scheme that provided timely and hassle-free credit to farmers but also increased credit disbursal to the agriculture sector that continued in April and May 2024 with bank credit. It was recorded at 19.7 percent and 21.6 percent YoY, respectively.The Agriculture sector has registered an average annual growth rate of 4.18% over the last 5 years📈The domestic availability of edible oil has risen from 86.30 lakh tonnes in 2015-16 to 121.33 lakh tonnes in 2023-24.📈The total area coverage of all oilseeds has increased… pic.twitter.com/o08QJjsEsW— PIB India (@PIB_India) July 22, 2024According to the press release shared by the government, the Agriculture sector has registered an average annual growth rate of 4.18% over the last 5 years. The domestic availability of edible oil has risen from 86.30 lakh tonnes in 2015-16 to 121.33 lakh tonnes in 2023-24.In addition to this, the total area coverage of all oilseeds has increased from 25.60 million hectares in 2014-15 to 30.08 million hectares in 2023-24 (17.5% growth).Pradhan Mantri Kisan Maandhan Yojna: A successAs per press release, the Economic Survey further explained that the government implemented the Pradhan Mantri Kisan Maandhan Yojna (PMKMY) to provide social security to the most vulnerable farmer families. The scheme offers a monthly pension of ₹3,000 to the enrolled farmers on the attainment of 60 years of age, based on a nominal premium between ₹55 to ₹200 per month paid by the applicant (in the age group 18 to 40 years) subject to exclusion criteria. As of July 7, 2024, almost 23.41 lakh farmers have enrolled under the scheme.The Pradhan Mantri Fasal Bima Yojana (PMFBY), which provides a safety net against corp losses due to natural calamities, pests, or diseases and ensures financial stability for farmers, was highlighted by Economic Survey in its focus on the security of farmers crops. The scheme also protects the farmers means of subsistence while pushing them to use contemporary farming techniques and equipment.Notably, the Union Finance Minister will present the budget for the financial year 2024-25 on July 23.
