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Questions and Answers
What is the main purpose of the PM-KISAN scheme?
How much annual economic benefit does the PM-KISAN scheme provide to farmers?
What monthly pension is offered to farmers under the Pradhan Mantri Kisan Maandhan Yojna (PMKMY) upon reaching 60 years of age?
What is the age range for applicants to enroll in the PMKMY scheme?
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Which scheme aims to provide social security to vulnerable farmer families?
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Which of the following statements about agricultural mechanization is correct?
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As of July 2024, how many farmers have enrolled in the PMKMY scheme?
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What type of transfer method is used for the PM-KISAN scheme?
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What is the range of premium payments required by applicants for the PMKMY scheme?
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What is one of the essential contributions of agricultural mechanization?
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Study Notes
Agricultural Credit Overview
- Total credit disbursed to agriculture reached ₹22.84 lakh Crore as of January 31, 2024.
- Breakdown of credit: ₹13.67 lakh Crore for short-term crop loans, ₹9.17 lakh Crore for term loans.
- Kisan Credit Card (KCC) has improved access to agricultural credit, with 7.5 crores issued and a limit of ₹9.4 lakh Crores as of January 31, 2024.
- KCC limits raised for fisheries and animal husbandry to ₹1.6 lakh for collateral-free loans, and up to ₹3 lakh under a Tri-Partite Agreement (TPA).
- As of March 31, 2024, 3.49 lakh KCCs and 34.5 lakh KCCs were issued for fisheries and animal husbandry, respectively.
- Joint Liability Groups (JLGs) have seen a CAGR of 43.76% over five years, providing crucial credit to tenant farmers.
Crop Insurance and Risk Management
- Pradhan Mantri Fasal Bima Yojana (PMFBY) is the world's largest crop insurance scheme by farmer enrollment, offering coverage against natural risks from pre-sowing to post-harvest.
- Insured area under PMFBY reached 610 lakh ha in 2023-24, up from 500.2 lakh ha in 2022-23.
- Total claims paid under PMFBY since inception: ₹150,589.10 Crore spanning 5,549.40 lakh applications.
- Challenges include high premiums, claim settlement delays, lack of transparency, and poor awareness among small and marginal farmers affecting scheme effectiveness.
Agricultural Support and Schemes
- PM-KISAN scheme launched on 24 February 2019 provides ₹6,000 annually to land-holding farmers through Direct Benefit Transfer, benefiting over 11 crore farmers.
- A total of over ₹3.24 lakh Crore disbursed under PM-KISAN as of July 10, 2024.
- Pradhan Mantri Kisan Maandhan Yojna (PMKMY) offers a monthly pension of ₹3,000 post-60 years age, available to farmers with a nominal premium.
- 23.41 lakh farmers enrolled in PMKMY by July 7, 2024, enhancing social security for vulnerable farming families.
Mechanisation in Agriculture
- Agricultural mechanisation is vital for enhancing productivity, ranging from simple tools to advanced machinery, supporting modern farming practices.
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Description
This quiz explores the recent statistics and developments in agricultural credit as of January 2024. It covers total credit disbursement, crop loans, and the Kisan Credit Card (KCC) program. Test your knowledge on insights related to financial support in agriculture.
