Union Cabinet extends Rs 35000 crore scheme to support farmers and stabilize prices

The Union Cabinet, led by PM Modi, extended the PM-Asha scheme with a Rs 35,000 crore budget, integrating key support programs for farmers. A Rs 24,474 crore subsidy for P&K fertilizers was also announced, effective from October 2024 to March 2025, to aid farmers.

The Union Cabinet, led by Prime Minister Narendra Modi, has approved extending the Pradhan Mantri Annadata Aye Samrakshana Abhiyan (PM-Asha) scheme. This initiative, backed by a budget of Rs 35,000 crore, aims to enhance support for farmers and stabilize the prices of essential commodities.

The PM-Asha scheme will now integrate components from the Price Support Scheme (PSS), Price Stabilization Fund (PSF), Price Deficiency Payment Scheme (POPS), and Market Intervention Scheme (MIS). This merger is designed to provide more comprehensive benefits to farmers and consumers, ensuring better price stability and support.

Additionally, the Cabinet has announced a subsidy of Rs 24,474 crore for phosphatic and potassic (P&K) fertilizers. This move is intended to make agricultural nutrients more affordable for farmers. The subsidy will facilitate the distribution of 28 grades of P&K fertilizers at reduced prices through manufacturers and importers. This initiative is set to be effective from October 2024 to March 2025.

These measures are expected to significantly relieve farmers by ensuring fair prices for their produce and making essential agricultural inputs more accessible.