With agriculture as top priority, Ficci has been advocating the extension of PM- KISAN to all farmers in its 100 days agenda to government.
The government had announced Pradhan Mantri Kisan Samman Siddhi (PMKSS) in the interim Budget to provide Rs 6,000 per year to about 12.5 crore small farmers holding land up to 2 hectares.
The revised scheme will now cover 2 crore more farmers increasing the coverage to around 14.5 crore beneficiaries.
Ficci also said that Indian agriculture is yet to realise its full potential and welcomed the government's resolve to address challenges in the sector in a comprehensive manner.
Direct income transfer is recognised as one of the most effective ways of targeting support to the farm sector, it said.
The body supports a gradual shift from loosely targeted input subsidies to direct benefits transfer to enable farmers to make choices in expenditure based on local priorities and exigencies.
"We urge the Prime Minister to follow up this excellent decision with further reform measures in a time bound manner to kick start a virtuous cycle of growth and value addition in the agriculture sector," Ficci President Sandip Somany said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.