FarmersMany schemes have been launched by the government to increase the income of Among which the most important scheme is PM Kisan Samman Nidhi Yojana. According to a research report by SBI, farmers’ income has increased by an average of 1.3 to 1.7 times in FY 2021-22 from the level of FY 2017-18, although grain exports have increased to over US$ 50 billion during this period.
Increase in income of farmers engaged in cash crops
SBIAccording to a research report of SBI Chief Economist Soumya Kanti Ghosh said in a report that the number of farmers engaged in cash crops has increased as compared to farmers growing non-cash crops.
The price of natural rubber fell drastically
This has led to an increase in the share of agriculture in the gross domestic product (GDP) from 14.2 percent to 18.8 percent, the report said. The increase was also due to a decline in the contribution of industrial and services to the economy due to the deadly second wave of the pandemic. But along with spices like black pepper, cardamom, cloves and cinnamon, the price of natural rubber has come down drastically.
The report, based on major agricultural states like Maharashtra, Rajasthan, MP, UP, Karnataka and Gujarat, says that allied/non-farm income has increased by 1.4 to 1.8 times in most of the states. The report also urged the government to launch a comprehensive credit guarantee fund to target at least one million farmers every year for livelihood credit cards and Rs 5 lakh crore agricultural credit promotion.
The report said that agricultural exports have crossed $50 billion in the financial year 2021-22. MSP has increased by 1.5 to 2.3 times since 2014, which is playing an important role in ensuring good prices for farmers.