Farmers’ Expectations from Nirmala Sitharaman’s Upcoming Budget Budget 2024.
Union Finance Minister Nirmala Sitharaman is set to present the first budget of the third term of the Modi government on July 23. Farmers have high hopes for this budget, anticipating significant announcements that could impact their financial well-being.
Loan Waiver Proposals.
Several state governments have recently proposed loan waivers for farmers. The Telangana government initiated this proposal, followed by appeals from Maharashtra, Jharkhand, and Punjab. Given this context, there is speculation that the upcoming budget may include a major announcement regarding debt waivers.
Current Economic Conditions.
Despite previous measures, the economic condition of farmers in the country remains challenging. Schemes like the Kisan Credit Card and Crop Insurance have not substantially improved farmers’ financial status. Therefore, new initiatives and announcements in the budget are crucial for enhancing the economic situation of farmers.
Potential Announcements.
Debt Waiver.
- Expectation: A significant debt waiver announcement.
- Impact: While a debt waiver could provide temporary relief, it may not lead to a substantial improvement in farmers’ income.
PM Kisan Samman Nidhi.
- Potential Increase: The Finance Minister may announce an increase in the amount allocated to the PM Kisan Samman Nidhi scheme.
- Impact: This could provide direct financial support to farmers, helping to improve their economic conditions.
MGNREGA.
- Increased Work Days: There is also talk of increasing the workdays for MGNREGA workers from 100 to 200 days.
- Impact: This could provide more employment opportunities and income for rural workers, indirectly benefiting the agricultural sector.
Summary of Expectations.
| Potential Announcement | Details |
|---|---|
| Debt Waiver | Major announcement expected, impact on income uncertain |
| PM Kisan Samman Nidhi Increase | Possible increase in allocated amount |
| MGNREGA Work Days Increase | Proposal to increase workdays from 100 to 200 |
Conclusion.
Farmers are looking to the upcoming budget with high expectations, hoping for announcements that will provide significant financial relief and support. The Modi government’s previous measures have not fully addressed the economic challenges faced by farmers, making this budget a critical opportunity for meaningful interventions.