Union Budget: The second annual budget of Modi Government 3.0 can be a boon for farmers. There is a discussion that the government should open the farmers’ treasury box. Union Finance Minister Nirmala Sitharaman can directly increase the Kisan Credit Card limit from Rs 3 lakh to Rs 5 lakh on February 1, 2025.
If this happens, this budget will significantly relieve the farmers. The government gives a loan of up to Rs 3 lakh at a discount. If its limit is increased to 5 lakh, then a significant increase can be seen in the number of borrowers. However, no one has said anything officially about this yet. Such things are being said in media reports. This will end the farmers’ financial problems.
Increasing the limit of Kisan Credit Card will be beneficial
The central government has increased the Kisan Credit Card limit to Rs 5 lakh in its entire budget, benefiting crores. This can lead to an increase in Kisan Credit Card users. At present, there are a total of 7.4 crore farmers in India who take advantage of this facility.
The government gives a bumper discount on interest on loans up to Rs 3 lakh. The interest is paid at the rate of 4 per cent per annum. After the government’s announcement, loans up to Rs 5 lakh will be available at lower interest rates.
When was the Kisan Credit Card Scheme started?
The Kisan Credit Card was started in 1998 to help farmers overcome their financial problems. Undercard this, short-term crop loans are given to farmers at an interest rate of 9 per cent. The government offers a discount of up to two pes. If the loan is repaid, then an additional discount of 3 per content is provided.
According to this, a 5 per cent discount is available. Farmers pay only 4 per cent interest annually. More than 7.4 lakh active accounts are under this scheme, and about Rs 8.9 lakh crore is outstanding.
Nirmala Sitharaman will present her 8th budgetÂ
Union Finance Minister Nirmala Sitharamanwillo presented the second budget of Modi 3.0 on February 1. Nirmala Sitharaman will present her 8th consecutive entire budget as Finance Minister. She will become the first woman Finance Minister to do so. All sections have great expectations from the budget.