Despite a hit to farm incomes due to recurrent climate shocks and export curbs to check domestic food prices, the interim budget presented on Thursday slashed funding for some key schemes.
The flagship crop insurance scheme was allocated ₹14,600 crore for 2024-25 (budget estimates or BE), lower than the ₹15,000 crore spent in 2023-24 (revised estimates or RE). The marginal cut comes on the back of patchy rains last year and farmers suffering crop losses due to both excess and deficit rains in some pockets.
Funds for another key scheme PM-AASHA—which is used to purchase crops like pulses and oilseeds from farmers at minimum support prices—were slashed to ₹1,738 crore in 2024-25 (BE) from ₹2,200 crore in 2023-24 (RE). Surprisingly, the cut was despite the government launching a portal for procurement of pulses last month. Budget documents show that the actual spending for the price support scheme was over ₹4,000 crore in 2022-23.
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