Highlights

  • The allocation for Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2017-18 (BE) is Rs. 9,000 crore, an upward revision from Rs. 5,500 crore in 2016-17 (BE). The entire allocation for this purpose would be met from the Krishi Kalyan Cess.
  • The Long Term Irrigation Fund, which was created with NABARD to boost irrigation facilities, received an additional Rs. 20,000 crore in 2017-18 (BE) over the initial corpus of Rs. 20,000 crore announced in the Union Budget 2016-17.
  • The interest subvention for providing short term credit to farmers did not show any increase in the latest budget compared to previous year’s budget; although the agricultural credit limit has been set at Rs. 10 lakh crore for the coming year.
  • There is a decline in the allocation for Rashtriya Krishi Vikas Yojana (Rs. 4,750 crore) in the latest budget, compared to previous year’s allocation of Rs. 5,400 crore.
  • The total amount met from Krishi Kalyan Cess, both for Fasal Bima Yojana and Pradhan Mantri Krishi Sinchai Yojana (PMKSY), has increased from Rs. 5,000 crore in 2016-17 (BE) to Rs. 10,800 crore in 2017-18 (BE).