Agriculture and allied sector, supported by the Telangana authorities’s earnings help and crop insurance coverage schemes for farmers, has been a big contributor to financial development within the state since 2016-17.
According to state authorities information, round 6.3 million farmers have up to now acquired Rs 50,000 crore below the Rythu Bandhu scheme launched in 2018. The Central authorities emulated the Rythu Bandhu and launched Pradhan Mantri Kisan Samman Nidhi (PM Kisan) in 2019.
Under the Rythu Bandhu scheme, the state authorities has been crediting Rs 5,000 per acre per season into financial institution accounts of land-owning farmers forward of rabi and kharif seasons.
The state has reported a sturdy development price in agriculture and allied sector in present worth gross worth added (GVA) of 12.24% and 9.09% in 2020-21 and 2021- 22, respectively. The agriculture and allied sectors within the state remained sturdy all through the pandemic.
“This has been achieved through a multitude of factors including new irrigation schemes such as the Kaleshwaram Lift Irrigation Project and Mission Kakatiya, and innovative agricultural support policies like the Rythu Bandhu, Rythu Bima schemes, and 24×7 free power supply to the agriculture and allied sector,” based on the state authorities.
Rythu Bima was launched in 2018 with the target of offering monetary aid and social safety to the dependents in case of lack of farmer’s life.
The complete premium is borne by the state authorities whereas all of the farmers regardless of their land holding dimension, are eligible for the insurance coverage scheme.
In the occasion of the loss of life of the enrolled farmer attributable to any trigger, the insured quantity of Rs 500,000 is transferred to the nominee checking account inside 10 days. According to TSEC, since 2018-19, the state authorities has settled claims to theextent of Rs 3,763 crore and transferred the quantity to the 75,276 bereaved households.
“Policies like the Rythu Bandhu scheme have not only benefited the primary sector, but have also had spillover effects on the secondary and tertiary sectors,” TSEC said. It said that direct profit switch into the financial institution accounts of the farmers below Rythu Bandhu, have led to elevated liquidity within the arms of the farming households.
“This in turn has been utilised by the farmers for buying goods produced by the industrial sector, and for availing services, thus creating knock-on effects for the non-farming sector as well,” the federal government said.
According to state civil provides company information, on the procurement entrance, the Telangana authorities companies procured 25.24 million tonne (MT) of paddy and three.95 MT of cotton at minimal help worth throughout 2019-20 and 2020-21.
The state additionally reported about 27% improve in paddy procurement in 2020-21 over 2019-20. With a livestock inhabitants development of twenty-two.21% between nineteenth and twentieth Livestock Census (2012 and 2019 respectively), the state has been main the expansion in livestock inhabitants within the nation.
Source: www.financialexpress.com”