Big Benefit for Farmers, Subsidies for Agricultural Machinery Now to be Credited Directly to Bank Accounts

The Agriculture Department has made a major change in the subsidy system for the purchase of agricultural machinery. Now, the subsidy for purchasing equipment will be sent directly to farmers’ bank accounts through the Direct Benefit Transfer (DBT) system. Previously, this amount was transferred to the accounts of agricultural machinery manufacturing companies, which sometimes led to the misuse of subsidies even when the equipment was not actually purchased. The new policy will prevent the misuse of funds and provide farmers with transparent and secure benefits.

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New Subsidy Payment System

With the implementation of the DBT system, farmers will now receive the subsidy only after the actual purchase of agricultural machinery. This change will give farmers the freedom to choose the equipment of their choice, and the subsidy amount will be deposited directly into their trusted accounts. This will virtually eliminate fraud and the role of middlemen.

Most Backward Classes to Receive Same Subsidy as SC/ST

The Agriculture Department has taken another significant decision to bring social equality in subsidy rates. Now, farmers belonging to the Most Backward Classes will also receive a 50 percent subsidy on agricultural machinery, similar to the Scheduled Castes and the Scheduled Tribes. Earlier, farmers in this category received only a 40 percent subsidy. The new subsidy rate will enable a large number of backwards-class farmers to purchase modern agricultural machines.

Agricultural Machinery Covered Under the Subsidy

Under the new system, subsidies will be provided for the purchase of agricultural equipment such as rotavators, wheat threshers, motor-operated chaff cutters, power weeders, oil mills, rice mills, reapers, and manual agricultural kits. This will help farmers adopt modern technology in farming and save both time and labour.

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Increased Sales of Agricultural Machinery Expected

With the subsidy amount being sent directly to farmers’ accounts, purchasing agricultural machinery has become more attractive. This change is expected to increase the sales of agricultural machinery. As farmers purchase new equipment, the use of modern technology in the agricultural sector will increase, leading to improved productivity. In the long run, this step will prove crucial for agricultural development.