The scheme, which now accounts for a lion's share of the agriculture budget, came on the back of falling crop prices and losses for the ruling Bharatiya Janata Party in crucial state elections.
Things have changed this time around. Crop prices are higher due to repeated climate-induced crop losses, despite export curbs on cereals and sugar. After a thumping win in recent state elections, the ruling party has less reason to woo rural voters with extravagant sops.
Yet, farmers could expect a higher cash transfer under PM-Kisan and a reallocation targeted at female members of farm families. Other than that, the budget is likely to increase funding for procurement of non-cereal crops like pulses where inflation is painfully high (21% higher year-on-year losses, despite export curbs on in December 2023).
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