While presenting the state budget for the financial year 2024-25 recently, Madhya Pradesh Finance Minister Jagdish Devda made several announcements for the cooperative sector, which included a provision of Rs 1,000 crore share capital to cooperative banks.
He also announced a provision of Rs 150 crore for the Mukhya Mantri Sahakari Dugdh Utpadan Prothsahan Yojana.
Additionally, a provision of Rs 600 crore for interest subsidy on short-term loans to farmers through cooperative banks and a provision of Rs 149 crore for managerial grants to primary credit cooperative societies were also announced.
Devda further stated, “Our government is constantly striving to realize the vision of ‘Sahkar Se Samriddhi,’” the minister said.
In the year 2023-24, crop loans amounting to Rs 19,946 crore were distributed to farmers, which is Rs 1,490 crore more than the crop loans disbursed during the FY 2022-23. We have set a target to distribute crop loans of Rs 23,000 crore in the year FY 2024-25, he added.
The Finance Minister stated, “A provision of Rs 600 crore has been proposed in the budget for providing short-term crop loans to farmers at zero percent interest. More than 32 lakh farmers are benefiting from this scheme,” he noted.
“Our government is always standing with the farmers to compensate for losses caused by natural disasters. Under the Pradhan Mantri Fasal Bima Yojana, 97.71 lakh farmers were insured in Kharif 2023 and 80.96 lakh farmers in Rabi 2023-24. A budget provision of Rs 2,000 crore is proposed under this scheme for the year 2024-25,” he remarked.
For the agriculture sector, the budget has been increased to Rs 26,126 crore from Rs 22,732 crore in the previous FY.
The provision of Rs 102 crore for the Pradhan Mantri Matsya Sampada Yojana and the provision of Rs 2,475 crore for reimbursement of free electricity supply to 5 HP agricultural pumps/threshers and one light connection by MPEB, the finance minister informed.