Budget 2019 may bring a reason for big cheer to farmers: What Modi-Jaitley may announce - 'Universal Income Scheme'
Finance minister Arun Jaitley may come out with a surprise move with the announcement of the universal income scheme in the interim budget, which may cost the exchequer as much as Rs 3.1 lakh crore annually.
Taking a cue from the Telangana's Rythu Bandhu scheme that helped Chief Minister K Chandrashekar Rao electorally in the recent assembly polls, the Narendra Modi led NDA government at the Centre may announce 'Universal Income Scheme' for farmers in coming Budget 2019. As per our talks with the Niti Aayog officials, the 'finance minister Arun Jaitley may come out with a surprise move with the announcement of the universal income scheme in the interim budget, which may cost the exchequer as much as Rs 3.1 lakh crore annually.' The move may take time to implement but once implemented it may check-mate the UPA's food security scheme. Unlike loan waiver or minimum support price for the particular crop, the UIS doesn't damage markets or credit culture of the banking sector. It ensures a guaranteed income to the farmer on the basis of their acreage.
Speaking on the matter Krishnaveer Chaudhary, Member at Core Committee on Agriculture at the Niti Aayog told Zee Business online, "States like Jharkhand and Maharashtra have already implemented this scheme under which a farmer is given Rs 4,000 per acre of his land so that he can continue with the agriculture and doesn't get trapped into the local lending racket." He said that the Niti Aayog has already recommended to the government of India in this regard and some of the state government implementing it in their respective states means alot because it's an indication that the government has put this proposal in front of the recent National Development Council's (NDC) meeting.
However, Chaudhary re-iterated that the scheme should be targeted for poor farmers. Asked about the steps taken to ensure the benefit reaches to the actual beneficiaries Chaudhary said, "Since there is direct bank transfer, chances of any malfunction or misuse of scheme becomes null and void." Under Rythu Bandhu scheme, farmers are give Rs 4,000 per acre per season, which is more costly affair than the loan waiver idea coined by some state governments recently.
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