Assessing the Performance of PMKSY and PMFBY Amid the Ongoing Agrarian Crisis

(Photo Courtesy –moneycontrol.com)

by Sai Prasanna, Research Intern, CPPR

The budget speech of 2018 stressed the Central Government’s commitment to double farmers’ income by 2022.While critics have suggested this as an unrealistic goal, the government was confident in achieving the target by 2022. However, with the country passing through a phase of agrarian crisis the discourse has now moved to loan waivers and income transfer plans. The Union Budget for the FY 2019–20 announced the first direct income support to small and marginal farmers in the country costing around Rs. 75,000 crore.The agrarian distress is also putting pressure on the government with the election due in May 2019.

In this context, it is important to assess the major schemes that are implemented in the agriculture sector by the ruling NDA government. The two major schemes are Pradhan Mantri Krishi Sinchai Yojana (PMKSY) and Pradhan Mantri Fasal Bima Yojana (PMFBY).

 

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