NewKerala.com

Key Points

The Kisan Credit Card scheme has emerged as a crucial financial tool for Indian farmers under the Modi government. Finance Minister Nirmala Sitharaman highlighted the scheme's impressive reach, with over 465 lakh applications and Rs 5.7 lakh crore in credit sanctioned. Farmers can now access loans up to Rs 5 lakh at an effective 4% interest rate, providing significant economic relief. The government's commitment to agriculture is further demonstrated by the remarkable five-fold increase in the Agriculture Budget from 2013 to 2024.

Key Points: Sitharaman Reveals Modi's KCC Scheme Empowering 465 Lakh Farmers

  • Farmers can access loans up to Rs 5 lakh at 4% interest
  • Over 465 lakh KCC applications sanctioned with Rs 5.7 lakh crore credit
  • Agriculture budget rose 5X from 2013 to 2024
  • Scheme benefits farmers, fishermen, and dairy producers
2 min read

Kisan Credit Card scheme a lifeline for millions of Indian farmers: FM Sitharaman

Finance Minister highlights Kisan Credit Card scheme providing affordable loans and financial support to millions of Indian farmers under Modi government

"KCC has become a lifeline for millions of farmers - Nirmala Sitharaman"

New Delhi, June 7

Kisan Credit Card (KCC) scheme a lifeline for millions of Indian farmers, said Finance Minister Nirmala Sitharaman on Saturday.

KCC is a banking product that provides farmers with timely and affordable credit for purchasing agricultural inputs such as seeds, fertilisers, and pesticides, as well as for meeting cash requirements related to crop production and allied activities.

In a post on social media platform X, along with an infographic, Sitharaman said “Over 465 lakh applications have been sanctioned with Rs 5.7 lakh crore credit limit”.

“Under the leadership of Prime Minister Narendra Modi, the Kisan Credit Card (KCC) has become a lifeline for millions of farmers,” Nirmala Sitharaman's Office stated on X.

The scheme has led to “easy access to short-term crop loans”. About Rs 5.7 lakh crore have also been sanctioned in credit, with “interest as low as 4 per cent with timely repayment” the post added.

With the KCC scheme, farmers can get up to Rs 3 lakh loan at just 4 per cent interest, if repaid on time. An additional Prompt Repayment Incentive of 3 per cent is also being provided to farmers on timely repayment of loans, which effectively reduces the rate of interest to 4 per cent for farmers. Thus, for every one lakh KCC loan, farmers can save up to Rs 9,000 in interest per year.

The government has also increased the subsidised KCC loan limit from Rs 3 lakh to Rs 5 lakh, benefiting approximately 7.7 crore farmers, including fishermen and dairy farmers.

Further, the Financial Minister also lauded the government under PM Modi for increasing the Agriculture Budget and launching various schemes that cater to the welfare of farmers in the country.

“From just Rs 21,500 crore in 2013 to Rs 1.22 lakh crore in 2024, the Agriculture Budget has seen a more than 5X rise, reflecting Prime Minister Narendra Modi-led government's commitment to its farmers and their welfare,” said Sitharaman's Office on X.

- IANS

Share this article:

Reader Comments

R
Rahul K.
This is a game-changer for our farmers! The 4% interest rate is truly revolutionary. My uncle in Punjab has benefited greatly from KCC - he could finally buy quality seeds and fertilizers. More power to our annadata! 🙏 #FarmersFirst
P
Priya M.
Good scheme but implementation needs improvement. Many small farmers in my village still face difficulties getting these cards due to paperwork and bank staff attitudes. Hope the government ensures last-mile delivery.
S
Sanjay T.
The increase from Rs 3 lakh to Rs 5 lakh limit is much needed with rising input costs. But can the government also ensure fair MSPs so farmers don't get trapped in debt despite these facilities? Both sides of the equation matter.
A
Ananya R.
As someone from a farming family in Maharashtra, I've seen how KCC helps during emergencies. When my father's crop failed last year, this credit line saved us from money lenders charging 24% interest! More awareness needed in rural areas though.
V
Vikram J.
The numbers look impressive but let's not forget the suicide rates among farmers. Credit is important but we need holistic solutions - better irrigation, storage facilities and market access. KCC alone won't solve all problems.
N
Neha P.
Great to see dairy farmers included too! My aunt runs a small dairy in Gujarat and the KCC helped her buy better cattle feed. The prompt repayment incentive is a smart feature - teaches financial discipline. 👏

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50