Ways through which farmers’ income can be increased

The aim of the Modi government is to diagnose the problem of farmers and make arrangements for increasing their income. Therefore, the government is not indulging them in adopting populist schemes. For example, in 2008, the slogan of agricultural debt waiver was given, but only Rs. 52, 500 crore of loans were waived off from the eligible debt of Rs 5 to 6 lakh crore, whose actual benefit only a few farmers could get. Most of the benefits went to the rich farmers who had no concern with farming.

It is clear that farmers cannot be benefited with agricultural debt waiver. So, by looking at the negative consequences of agricultural debt waiver, the government is avoiding populist schemes of agricultural debt waiver. The government wants a strong initiative to increase the income of the farmers.

According to the Union Agriculture Minister Radha Mohan Singh, the Modi government has been trying to increase the income of farmers for the last 4 years. The government is considering alternatives to which the difference between the minimum support price (MSP) and the market value can be sent directly to the bank accounts of the farmers. According to Singh, before 2014, the MSP of many crops was about 10 to 15 per cent less than the cost of production, but due to the increase in the financial burden, previous government did not pay attention to increasing MSP, while the Modi government increased the MSP as well as taking concrete steps to increase the procurement of produce.