Lauding the contributions made towards the agricultural sector in the Union Budget, Prime Minister Narendra Modi on Thursday said that agricultural loans for farmers have been increased by 2.5 times in the last seven years.
The Prime Minister also said that PM Kisan Samman Nidhi scheme has become a strong support for the small farmers in the country.
"PM-KISAN Samman Nidhi scheme was started three years ago on this day itself. Today this scheme has become big support for the small farmers. Under this, about Rs two lakh crore has been given to 11 crore farmers so far," said the Prime Minister while addressing a webinar on various ways the Budget strengthens the agriculture sector.
The Prime Minister added, "In the last seven years, we have taken many new initiatives.
From taking seeds to market, we have improved the old systems. Budget for agriculture has increased manifold in just seven years. Agriculture loans for farmers have also been increased by 2.5 times in seven years."
Under the PM-KISAN scheme, a financial benefit of Rs 6000 per year is provided to the eligible beneficiary farmers, payable in three equal installments of Rs 2000 each. The fund is transferred directly to the bank accounts of the beneficiaries.
PM Narendra Modi addressed a webinar on the topic "Smart Agriculture".