Central Government News: Many new rules will be implemented in the new financial year, which were announced in the budget. In the budget presented in February this year in the Modi government, Finance Minister Nirmala Sitaraman made many announcements for the farmers. These include Kisan Credit Card. Its limit has now been increased by the government from ₹ 3 lakh to ₹ 5 lakh. This will directly benefit millions of people across the country.
What is Kisan Credit Card?
Kisan Credit Card is a banking product that helps farmers to buy items like seeds, fertilizers, pesticides. Apart from this, it provides timely and affordable credit to farmers to complete crop production, management and related processes. The scheme was expanded in 2019 to meet the capital requirement required in completing the process related to animal husbandry, dairy and fisheries.
7.72 crore farmers benefited
Under the Kisan Credit Card accounts, this amount has crossed Rs 10 lakh crore by 31 December 2024. This has benefited 7.72 crore farmers across the country. When it was implemented in the year 2014, its amount was Rs 4.26 lakh crore. In the budget presented on February 1 this year, the budget of the agriculture sector was cut by the government and it was proposed to reduce the budget allocation of the Agriculture Ministry by 2.75% to Rs 1.37 lakh crore.
These include Kisan Credit Card. Its limit has now been increased by the government from ₹ 3 lakh to ₹ 5 lakh. This will directly benefit millions of people across the country.
As of December 31, 2024, the amount under Kisan Credit Card (KCC) accounts has crossed Rs 10 lakh crore, benefiting 7.72 crore farmers across India. This marks a significant growth from 2014, when the amount was Rs 4.26 lakh crore at the time of its implementation. However, in the Union Budget presented on February 1, 2025, the government proposed a 2.75% reduction in the agriculture sector’s budget allocation, setting it at Rs 1.37 lakh crore. This reduction has raised concerns about the future support and development of agriculture in the country, despite the growth seen in KCC accounts.