PM Pranam Scheme UPSC and Increased FRP
The new scheme is here, PM-PRANAM Scheme and Increased FRP 2023. Empowering Farmers for a Prosperous Future. The well-designed PM-PRANAM (Prime Minister’s Pragati EVAM Nivaran for Agri-finance in Motion) plan aims to alleviate the financial difficulties that farmers encounter. Farmers are given fast access to loan options, insurance coverage, and other forms of financial support under this plan. This program aims to reduce farmers’ debt loads so they may invest in cutting-edge agricultural methods, machinery, and tools. The PM-PRANAM scheme’s providing farmers with inexpensive loans is one of its main components. To provide low-interest loans suited to the unique requirements of farmers, the government has partnered with financial institutions. This makes sure they can buy the things they need, including seeds, fertilizer, and equipment, without having to pay excessive interest rates.
PM Pranam Scheme UPSC
The program also provides extensive insurance protection for farmers against unanticipated events like natural catastrophes, crop failure, or animal losses. Farmers are given a safety net in this way, reducing the dangers of farming and securing their income. The government has also improved the Fair and Remunerative Price (FRP) for agricultural commodities in 2023, which is a significant step toward supporting farmers. FRP is the lowest price at which sugar mills will purchase sugarcane from farmers. The higher FRP guarantees that farmers are fairly compensated for their labor and promote environmentally friendly farming methods.
The updated FRP considers a number of variables, including input costs, market circumstances, and the general well-being of farmers. The government wants to raise the FRP in order to increase sugarcane farmers’ income and raise their level of living. Farmers are encouraged to continue their agricultural endeavors by this rise, and it also gives them the means to reinvest in their operations for increased production and expansion.
This scheme was approved by the Cabinet Committee on Economic Affairs (CCEA). The Fair and Remunerative price for the sugarcane has been also increased by Rs 10 to Rs 315 per quintal for the 2023 ton 2024 season which is going to start from October. The government has also increased the urea subsidy scheme till March 2025 at the allocation of Rs 3.68 lakh crore. And the nutrient-based subsidy of Rs 38,000 crore, has been sanctioned for the Kharif season of 2023 to 2024. According to the source, the PM-PRANAM was first announced by the Union government in 2023-2024. The main of this scheme is to reduce the use of unwanted chemical fertilizers by incentivizing states to adopt alternative fertilizers. This is a very good act by the Indian government.
