Central government subsidy on loans to farmers increases more than 5 times to Rs 1.3 lakh crore in 2014-2023

New Delhi, Feb 29 (IANS) – The Central government has seen a significant increase in spending on extending loans at subsidised rates of interest to benefit farmers under the Modified Interest Subvention Scheme (MISS). Figures compiled by the Finance Ministry show a more than 5-fold jump in spending during the last 9 years compared to the previous 8-year period.

According to official figures, the amount spent by the government to extend loans to farmers at subsidised rates of interest rose to Rs. 1,30,421.81 crore during the 9-year period from 2014-15 to 2022-23. This is a substantial increase from the Rs. 24,525.89 crore spent during the 8-year period from 2006-07 to 2013-14.

The year-wise allocation and expenditure on Short Term Crop Loans/Kisan Credit Card can be seen in the following table:

| Year | Amount Spent |
|————|—————–|
| 2014-15 | Rs. 15,601.64 crore |
| 2015-16 | Rs. 15,700.24 crore |
| 2016-17 | Rs. 16,660.59 crore |
| 2017-18 | Rs. 19,433.62 crore |
| 2018-19 | Rs. 22,719.08 crore |
| 2019-20 | Rs. 25,735.66 crore |
| 2020-21 | Rs. 27,752.12 crore |
| 2021-22 | Rs. 30,960.35 crore |
| 2022-23 | Rs. 31,558.31 crore |

The increase in spending on subsidised loans to farmers is seen as a move to support and benefit the agriculture sector, especially in light of the challenges faced by farmers. The government’s efforts to boost the agricultural economy are evident in this significant rise in spending on loans at subsidised rates of interest.