Latest news with #MISS
India Gazette
5 days ago
- Business
- India Gazette
"Historic day as scientists step out of labs to share research directly with farmers", says Agriculture Minister Chouhan
Puri (Odisha) [India], May 29 (ANI): Union Agriculture Minister Shivraj Singh Chouhan on Thursday hailed scientists stepping out of labs to share new agricultural research directly with farmers, emphasising practical implementation. The government has also extended the Modified Interest Subvention Scheme to provide financial support to farmers, marking a significant step toward boosting agricultural productivity and farmer welfare. Speaking to media persons, Chouhan said, 'It is a historic day for the country as the scientists leaving their labs are going to farmers to inform them about new research and agricultural developments. Knowledge will not remain in labs but will be implemented on the ground.' 'Farmers, the Central Agriculture Ministry, the state department, and agricultural universities work together to ensure production the Centre and the Cabinet extended the Modified Interest Subvention Scheme in the interest of farmers,' he told reporters. Earlier, on Wednesday, the Union Cabinet approved the continuation of the interest subvention component under the Modified Interest Subvention Scheme (MISS) for farmers for the financial year 2025-26 and approved the required fund arrangements. It is a Central Sector Scheme that ensures the availability of short-term credit to farmers at an affordable interest rate through the Kisan Credit Card (KCC). Under the Scheme, farmers received short-term loans of up to Rs 3 lakh through Kisan Credit Cards (KCC) at a subsidised interest rate of 7 per cent, with a 1.5 per cent interest subvention provided to eligible lending institutions. Additionally, farmers repaying loans promptly are eligible for an incentive of up to 3 per cent as a Prompt Repayment Incentive (PRI), effectively reducing their interest rate on KCC loans to 4 per cent. Overall agricultural credit flow also rose from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24. 'The Cabinet's decision reinforces the Government's unwavering commitment to doubling farmers' income, strengthening the rural credit ecosystem, and boosting agricultural growth through timely and affordable credit access,' the statement added. (ANI)
New Indian Express
5 days ago
- Business
- New Indian Express
Increased MSP for Kharif crops
NEW DELHI: The Union Cabinet on Wednesday approved a hike in the Minimum Support Price (MSP) for the 2025-26 Kharif season and extended the interest subvention scheme for farmers. It also approved two multi-tracking railway projects in Maharashtra and Madhya Pradesh, as well as a four-lane highway project in Andhra Pradesh. The Cabinet approved a hike in paddy MSP by three percent or Rs 69 per quintal to Rs 2,369 for the 2025-26 Kharif season and up to nine percent rise in rates of pulses and oilseeds, according to Union Minister Ashwini Vaishnaw. The cost to the exchequer of the MSP decision is Rs 2,07,000 crore, and continuation of the subvention scheme will cost Rs 15,642 crore. The announcement comes amid the southwest monsoon reaching earlier than usual, giving a boost to the sowing of kharif crops, which contribute over 50 per cent of India's total annual foodgrain production. Under the Modified Interest Subvention Scheme (MISS) for 2025-26, farmers will continue to receive short-term credit at an affordable rate through the Kisan Credit Card (KCC). The continuation of the scheme will cost exchequer Rs 15,640 crore, the Minister said. Under MISS, farmers get short-term loans of up to Rs 3 lakh through KCC at a subsidised interest rate of 7 percent, with 1.5 percent interest subvention provided to eligible lending institutions. Additionally, farmers who repay loans promptly are eligible for an incentive of up to 3 percent as the Prompt Repayment Incentive (PRI), effectively reducing their interest rate on KCC loans to 4 percent.
Hans India
5 days ago
- Business
- Hans India
Bonanza For Farmers: Centre hikes MSP for Kharif crops, extends low-interest loans
New Delhi: The Union Cabinet on Wednesday approved a hike in minimum support prices (MSP) for 14 Kharif crops for the 2025-26 marketing season. The decision was taken by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi. Union Minister Ashwini Vaishnaw said the MSP for paddy has been increased by Rs 69 per quintal, setting the new rate at Rs 2,369 for the season. Paddy (Grade A) will now fetch Rs 2,389 per quintal. The highest jump in MSP has been recommended for nigerseed, which sees an increase of Rs 820 per quintal. This is followed by ragi (Rs 596), cotton (Rs 589), and sesamum (Rs 579). Maize will now have an MSP of Rs 2,400, up from Rs 2,225. Among oilseeds, the MSP for groundnut has been increased by Rs 480, sunflower seed by Rs 441, and soybean by Rs pulses, the MSP for tur (arhar) and moong has been increased by Rs 450 and Rs 86, respectively, while urad has seen a hike of Rs 400. These adjustments are part of the government's broader effort to support agricultural incomes and reduce rural distress. The revision comes ahead of the monsoon sowing season and is expected to influence crop choices among farmers. The MSP serves as a safety net for farmers, ensuring that they get a minimum price for their produce, even if market prices fall. The changes will be effective from the upcoming Kharif season, which begins with the onset of the monsoon in June. Continuation of the Modified Interest Subvention Scheme (MISS) The Union Cabinet also approved the continuation of the Modified Interest Subvention Scheme (MISS) for the financial year 2025-26. The scheme will continue with the existing 1.5% interest subvention for short-term loans provided to farmers. MISS is a central sector scheme that ensures affordable credit for farmers through the Kisan Credit Card (KCC). Under the scheme, farmers can get short-term loans of up to Rs3 lakh at a 7% interest rate. Out of this, 1.5% is subsidised by the government, making the loan cheaper for lending banks and institutions. Additionally, farmers who repay their loans on time are eligible for a 3% Prompt Repayment Incentive (PRI). This lowers their effective interest rate to just 4%. For those taking loans specifically for animal husbandry or fisheries, the benefit is applicable up to Rs 2 lakh. No changes have been made to the structure of the scheme. It will continue as is, helping more than 7.75 crore KCC account holders across the country. According to the government, continuing the support is crucial for keeping up the flow of institutional credit to the agriculture sector, especially for small and marginal farmers. Over the years, credit through KCC has grown from Rs 4.26 lakh crore in 2014 to Rs 10.05 lakh crore by December 2024. The overall agriculture credit flow increased from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24. To make the process more efficient, the government also launched the Kisan Rin Portal in August 2023, which has made claim processing faster and more transparent.
Hindustan Times
5 days ago
- Business
- Hindustan Times
Centre raises kharif MSP, credit assistance
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a raise in minimum support prices (MSPs) for key kharif or summer-sown crops, increasing the rate for common paddy, the season's staple, to ₹2,369 per quintal (100 kgs) from ₹2,300 a year ago. While fixing the MSPs, the government has adhered to the practice of setting the rates at a minimum of 1.5 times the cost of production so that farmers get 50% returns over cost, information and broadcasting minister Ashwini Vaishnaw said, briefing reporters. MSPs are federally fixed floor prices that serve as a price signal for private traders and aim to help avoid distress sale. The government buys cereals, such as wheat and rice, from farmers at MSPs to build stockpiles for food security and reserves for the public distribution system, under which nearly 800 million beneficiaries receive free monthly food handouts. The nearly 3% increase in the MSP for the commonest variety of paddy is the lowest in three years. India is the world's second-largest producer of rice and its biggest exporter. Among key pulses, the floor price for pigeon pea or tur has been raised by ₹450 to ₹8,000 a quintal, while that of black gram or urad by ₹400 to ₹7,800 per quintal. The MSP of green gram (moong) saw a raise of ₹86 to ₹8,768 a quintal for 2025-26 kharif season. India expects robust summer harvests after the state-run weather bureau on Tuesday said the country is likely to see surplus monsoon rains for the second straight year. Plentiful rains drive up farm output and rural incomes, which help generate demand for manufactured goods and services. Agriculture, which directly or indirectly supports nearly half the population, accounts for 19% of the country's gross domestic product. While farmers receive MSP rates for big cereals bought in large quantities by the government to build food reserves, they often have to sell many other commodities at below these minimum rates. Since 2019, several influential farm unions have launched widespread protests, seeking a legal guarantee for MSPs. The Cabinet also raised the minimum cotton price by 8.3% to ₹7,710 per 100 kg and the soybean price by 8.9% to ₹5,328 rupees per 100 kg. If the new MSPs are realised in markets, the profit margins of farmers over the cost of production are estimated to be highest in case of pearl millet or bajra (63%) followed by corn (59%) and pigeon pea or tur (59%). Interest subvention The Cabinet also approved the continuation of the so-called modified interest subvention scheme (MISS) for 2025-26 under which farmers can access short-term crop loans at affordable rates through Kisan credit cards. The MISS for fiscal year 2025-26 will continue to provide a 1.5% interest subvention and will cost ₹15,640 crore. Under the MISS, farmers receive short-term loans of up to ₹3 lakh at a subsidized interest rate of 7%, with 1.5% interest subvention (or discount) . Farmers who make timely payments are eligible for a further discount of 3%, which gets them crop loans at an effective interest rate of 4%. Infrastructure In a bid to increase regional connectivity, the cabinet has also approved the development of a four-lane Badvel–Nellore highway in the state of Andhra Pradesh. The project will extend from Badvel–Gopavaram village on National Highway NH-67 to Guruvindapudi on NH-16, covering a total length of 108 km. It will be executed under the Build-Operate-Transfer model, with a total capital investment of ₹3,653.10 crore. The construction of the highway will significantly reduce the distance between Badvel and Krishnapatnam Port by 34 km to 108 km and effectively shorten the journey time by an hour, from 2.5 hours to 1.5 hours, amounting to a 40% reduction in travel time, the government said in a statement. Moreover, the project is expected to alleviate congestion on existing NH-67 and NH-16, while contributing to a reduction in both vehicle operating costs and carbon emissions. This highway will connect three major industrial nodes of Andhra Pradesh: the Kopparthy Node on the Visakhapatnam–Chennai Industrial Corridor (VCIC), the Orvakal Node on the Hyderabad–Bengaluru Industrial Corridor (HBIC), and the Krishnapatnam Node on the Chennai–Bengaluru Industrial Corridor (CBIC). Union road transport and highways minister Nitin Gadkari said the highway will also provide access to 19 key cultural and social destinations, including the Srikalahasti Temple, Penchalakona Waterfall, Srisailam, Somasila Waterfall, Somasila Temple, Udayagiri Fort, Siddavattam Fort, and Vontimitta. The government statement added the project with 108.134 km will generate about 2,000,000 lakh man-days of direct employment and 2,300,000 man-days of indirect employment. The project will also induce additional employment opportunities due to increase in economic activity in the vicinity of the proposed corridor. Responding to the cabinet announcements, Modi said his government is committed to the welfare of farmers, adding that 'the decision taken by the Cabinet will boost the income of farmers as well the production of crops'. 'The 4-Lane Badvel-Nellore Corridor, whose construction has been approved by the Cabinet will benefit the development journey of Andhra Pradesh and generate several opportunities for the youth of the state.' The projects related to Maharashtra and Madhya Pradesh will boost growth, sustainability, lower logistics costs and more, he said. With inputs from Soumya Chatterjee
India Gazette
6 days ago
- Business
- India Gazette
Centre extends interest subvention scheme for farmers by another year
New Delhi [India], May 28 (ANI): The Union Cabinet on Wednesday approved the continuation of the interest subvention component under the Modified Interest Subvention Scheme (MISS) for farmers for the financial year 2025-26, and approved required fund arrangements. It is a Central Sector Scheme aimed at ensuring the availability of short-term credit to farmers at an affordable interest rate through Kisan Credit card (KCC). Under the Scheme: Farmers received short-term loans of up to Rs 3 lakh through Kisan Credit Cards (KCC) at a subsidized interest rate of 7 per cent, with 1.5 per cent interest subvention provided to eligible lending institutions. Additionally, farmers repaying loans promptly are eligible for an incentive of up to 3 per cent as Prompt Repayment Incentive (PRI) effectively reducing their interest rate on KCC loans to 4 per cent. For loans taken exclusively for animal husbandry or fisheries, the interest benefit is applicable up to Rs 2 lakh. No changes have been proposed in the structure or other components of the scheme by the Cabinet. 'There are more than 7.75 crores of KCC accounts in the country. The continuation of this support is critical to sustaining the flow of institutional credit to agriculture, which is vital for enhancing productivity and ensuring financial inclusion for small and marginal farmers,' the government said in a statement. Institutional credit disbursement through KCC increased from Rs 4.26 lakh crore in 2014 to Rs 10.05 lakh crore by December 2024. Overall agricultural credit flow also rose from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24. 'The Cabinet's decision reinforces the Government's unwavering commitment to doubling farmers' income, strengthening the rural credit ecosystem, and boosting agricultural growth through timely and affordable credit access,' the statement added. (ANI)
