The Central Government has introduced the Pradhan Mantri Kusum Yojana to help farmers raise their income. Farmers can effortlessly water their fields by fitting solar pumps under this program. Farmers can receive a subsidy of up to 90% for installing solar pumps, providing them with a valuable advantage.
PM Kusum Yojana
Farmers can benefit from the subsidy by enrolling in the Prime Minister’s Kusum Yojana. They will have the opportunity to utilize unproductive land as well. This scheme is available for all farmers in the country to benefit from. Farmers have received solar panels for watering crops through the Pradhan Mantri Kusum Yojana.
The government will subsidize 90 percent of the total cost for installing solar pumps under this program. Farmers will cover the remaining 10 percent of the cost. The solar panel’s electricity will power irrigation and any surplus will be sold to the DISCOM. Consequently, farmers will be able to generate income from solar pumps.
The solar panel is designed to remain functional for 25 years and requires minimal maintenance. The government is providing a subsidy of up to 90% on solar pumps under the Pradhan Mantri Kusum Yojana, with the cost shared between the central and state governments. The central and state governments will offer a 30-30 percent subsidy, while banks will provide up to a 30 percent loan facility. Farmers, cooperative societies, panchayats, farmers’ groups, farmer producer organizations, water users associations, and others are eligible to benefit from the Pradhan Mantri Kusum Yojana.
Benefits
In order to benefit from Pradhan Mantri Kusum Yojana, the candidate must be an Indian citizen residing permanently in the country. In this program, individuals can seek approval for solar energy facilities with capacities between 0.5 MW and 2 MW. The candidate can request up to 2 MW capacity based on their land size or the capacity specified by the Distribution Corporation, whichever is lower.
Each MW will need approximately 2 hectares of land. No financial qualifications are needed for the project as long as you invest your own money. If the applicant is working with a developer on the project, the developer must have a net worth of Rs 1 crore per MW.