India's Agriculture Schemes: PM-RKVY and KY Unveiled

The Union Cabinet has approved the rationalization of Centrally Sponsored Schemes (CSS) under the Ministry of Agriculture and Farmer's Welfare, creating two schemes: Pradhan Mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY).

Rationalization of Agricultural Schemes

The Union Cabinet approved the Pradhan mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY) of Centrally Sponsored Schemes (CSS) under the Ministry of Agriculture and Farmer's Welfare.
Total proposed expenditure: Rs. 1,01,321.61 crore, with Rs. 69,088.98 crore as central share and Rs. 32,232.63 crore as states' share.
PM-RKVY aims to promote sustainable agriculture, while KY addresses food security and agricultural self-sufficiency.

Key Components and Objectives

PM-RKVY components:

Soil Health Management
Rainfed Area Development
Agro Forestry
Paramparagat Krishi Vikas Yojana
Agricultural Mechanization including Crop Residue Management
Per Drop More Crop
Crop Diversification Programme
RKVY DPR component
Accelerator Fund for Agri Startups

Objectives of rationalization:

Avoid duplication and ensure convergence
Provide flexibility to states
Focus on emergent challenges: nutrition security, sustainability, climate resilience, value chain development, and private sector participation
Enable states to draw comprehensive strategic plans for the agriculture sector
Streamline approval process for Annual Action Plans

Implementation and Flexibility

Schemes to be implemented through state governments
States given flexibility to reallocate funds between components based on specific requirements
Leveraging technology for efficient and effective implementation
Continuation of existing schemes with additional focus on areas needing improvement
New initiatives introduced: National Mission for Edible Oil-Oil Palm, Clean Plant Program, Digital Agriculture, and National Mission for Edible Oil-Oil Seeds
Modified component for North Eastern states: MOVCDNER-Detailed Project Report (MOVCDNER-DPR)

Financial Allocation and Impact

PM-RKVY allocation: Rs. 57,074.72 crore
Krishonnati Yojana allocation: Rs. 44,246.89 crore
Aims to increase farmers' income and ensure food security
Focuses on production, productivity, and tackling emerging issues like climate-resilient agriculture
Promotes value chain approach for agricultural commodities
Encourages state-specific strategic planning for holistic agricultural development

Reliance and Nifty50

It is crucial to have knowledge of economic subjects like Nifty50 in order to do well on SSC exams. Nifty50 is an indicator that tracks the stock market performance of the top 50 companies listed

Kallapu-Sajipa Riverfront Road Project

When it comes to building new infrastructure, Karnataka is in the forefront. There are a lot of big initiatives in the state that are boosting the economy and making things more accessible.

India's Manufacturing Vision 2025

India's manufacturing policies have recently gained significant attention as the government seeks to strengthen the country's industrial sector and achieve long-term economic growth. The foc

What Drives the Gold Price Rs 1 Lakh?

Gold prices in India have surged to an all-time high, surpassing the Rs 1 Lakh mark per 10 grams for the first time. This significant rise in the Gold Price of Rs 1 Lakh is linked to various g

India’s GDP Growth Rate Falls to 6.4%

Fitch has revised its 2025 GDP forecast for India from 6.6% to 6.4%, a decrease of 10 basis points. This is the most recent global economic news. While this may not seem like a major drop, it’

Boosting Opportunities in the Gig Economy

India is witnessing a quiet revolution in how employment is created. The announcement of 12 lakh jobs in India by 2025 is a huge step toward redefining the gig and logistics economy. With

Nirmala Sitharaman Presents the 2024-25 Economic Survey – An In-Depth Analysis

The Economic Survey 2024-25 emphasizes India's consistent economic growth, forecasting a 6.4% GDP increase in FY25. Key highlights include controlled inflation, robust trade performanc

MoMSME Unveils TEAM Initiative to Enhance Digital Presence of MSMEs in India

The Ministry of Micro, Small, and Medium Enterprises (MoMSME) has introduced the MSME Trade Enablement and Marketing (TEAM) Initiative, a pioneering initiative designed to strengthen the d

Union Budget 2025: Understanding the Concept of 'Bahi Khata'

The ‘bahi khata’ is a traditional Indian ledger employed for accounting and maintaining records. It is typically a bound book, often covered in cloth, used to track financial t

CRED Introduces e₹ Wallet, Boosting India’s Digital Currency Adoption

CRED has become the first fintech platform to incorporate India’s e₹ wallet, a digital currency supported by the RBI. In partnership with YES Bank, CRED enables users to store and