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The government on Tuesday proposed a <keyword id="20789519" type="General" weightage="20" keywordseo="transit-oriented-development" source="keywords">transit-oriented development</keyword> plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities. Presenting the Budget in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> underscored that the Union government will work with states to facilitate the development of cities as "growth hubs". "This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising <keyword id="22517779" type="General" weightage="20" keywordseo="town-planning-schemes" source="keywords">town planning schemes</keyword>", the minister said. "Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech. The minister also announced Central assistance of Rs 2.2 lakh crore for <keyword id="20957520" type="General" weightage="20" keywordseo="urban-housing" source="keywords">urban housing</keyword> over the next five years as well as an <keyword id="22517780" type="General" weightage="20" keywordseo="interest-subsidy-scheme" source="keywords">interest subsidy scheme</keyword> to facilitate loans at affordable rates for urban housing works. She said the Central government will put in place measures for an efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> market with enhanced availability. The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities. Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public-private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries." Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said. About <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword> and <keyword id="20082835" type="General" weightage="20" keywordseo="sanitation" source="keywords">sanitation</keyword>, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and <keyword id="19973309" type="General" weightage="20" keywordseo="solid-waste-management" source="keywords">solid waste management</keyword> projects and services for 100 large cities through bankable projects. According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas. The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, she added.

Budget 2024-25: Govt announces transit-oriented development plan for large cities

<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the Union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">Budget</keyword> 2024-25 on Tuesday, outlining a detailed financial roadmap aimed at driving economic growth and ensuring fiscal stability. The budget reveals a comprehensive picture of government revenues and expenditures, highlighting major <keyword id="20439675" type="General" weightage="20" keywordseo="allocations" source="keywords">allocations</keyword> to key <keyword id="20353247" type="General" weightage="20" keywordseo="sectors" source="keywords">sectors</keyword> and <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword>. The <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> along with other taxes accounts for 18 per cent. Corporation taxes contribute 17 per cent, followed by non-tax receipts at 9 per cent, customs at 4 per cent, excise duty at 5 per cent, and non-debt capital receipts at 1 per cent. On the <keyword id="19936655" type="General" weightage="20" keywordseo="expenditure" source="keywords">expenditure</keyword> side, the budget outlines significant allocations to various public sectors. Interest payments consume 19 per cent of the total expenditure, central sector schemes account for 16 per cent, and states' tax devolution takes up 21 per cent. Subsidies represent 6 per cent of the spending, while defence expenditures stand at 8 per cent. The Finance Commission and other transfers take up 9 per cent, centrally sponsored schemes another 8 per cent, pensions 4 per cent, and other expenses 9 per cent. In terms of sector-specific allocations, defence receives the highest allocation at Rs 4,54,773 crore. Rural development is allocated Rs 2,65,808 crore, reflecting the government's focus on boosting rural economies. Agriculture is set to receive Rs 1,51,851 crore, while home affairs are allocated Rs 1,50,983 crore, underscoring the importance of internal security. Education, a critical sector for future growth, is allocated Rs 1,25,638 crore. The IT and Telecom sector, pivotal for digital transformation, receives Rs 1,16,342 crore. Health is allocated Rs 89,287 crore, emphasising the ongoing commitment to improving healthcare infrastructure. The energy sector is earmarked Rs 68,769 crore, social welfare Rs 56,501 crore, and commerce and industry Rs 47,559 crore. The budget also highlights significant increases in allocations to major schemes. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) sees an increase from Rs 60,000 crore in FY23-24 to Rs 86,000 crore in FY24-25, aimed at enhancing rural employment. Nuclear power projects receive a boost from Rs 442 crore to Rs 2,228 crore, while the development of semiconductors sees a substantial increase from Rs 3,000 crore to Rs 6,900 crore, underscoring the push towards technological advancement. Direct Benefit Transfer for LPG is allocated Rs 1,500 crore, up from Rs 180 crore, to support energy access. Solar power allocation doubles from Rs 4,970 crore to Rs 10,000 crore, reflecting the government's commitment to renewable energy. This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.

Fund allocations to key sectors and schemes hiked in budget

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The Delhi government on Tuesday appealed to citizens to not fall prey to misinformation being spread by "notorious elements" who are trying to "take advantage" of the situation arising from the arrest of Chief Minister Arvind <keyword id="19895701" type="General" weightage="20" keywordseo="kejriwal" source="keywords">Kejriwal</keyword>. A statement issued by the <keyword id="20097855" type="General" weightage="20" keywordseo="planning-department" source="keywords">Planning Department</keyword> said "speculations and rumours are being spread by notorious elements with vested interests in Delhi" that welfare schemes and subsidies will be stopped. "Even as the law takes its own course in the process of criminal investigation, it merits clarification that administration of schemes and governance are never specific to individuals and shall continue in normal course, as in the past," it read. Sources in the AAP dispensation said the statement was issued following directions from Kejriwal. All public services, social welfare schemes and subsidies currently given by the Delhi government will continue uninterrupted, it said, asking people not to be misled by "any fear-mongering and malicious disinformation in this regard". "Appeal to all citizens of Delhi to stay away from any rumour mongers, who would try to take advantage of situation arising from the arrest / remand of Hon'ble Chief Minister of Delhi by <keyword id="19895344" type="General" weightage="20" keywordseo="enforcement-directorate" source="keywords">Enforcement Directorate</keyword> on 21 March, 2024, by spreading misinformation," it said. Kejriwal was arrested by the Enforcement Directorate last week in connection with the money laundering case linked to the now-scrapped Delhi excise policy. He is in ED custody till March 28. In the statement, Planning Secretary Niharika Rai said "such rumours create an atmosphere of fear within the general public". "There shall be no disruption of any kind in disbursement of admissible subsidies, pensions, welfare benefits etc. Social welfare schemes are funded with public money through the consolidated fund, backed by budgetary allocations." The statement clarified that social welfare funds are "neither the personal property of any individual or political entity nor funded by an individual or entity's personal money". "There is an architecture of civil services and processes laid down in the National Capital Territory of Delhi, which continues as usual. Hence, these public services, social welfare schemes and subsidies are not at all affected by the arrest/remand of Hon'ble Chief Minister," it stressed.

Don't fall prey to rumours about discontinuation of schemes: Delhi govt to citizens

Mumbai, May 13 () The Reserve Bank on Wednesday said a scheme providing interest subsidy for post and pre-shipment export credit has been extended by a year till March 31, 2021, a move which would provide relief to exporters. Exporters get the subsidy under the 'Interest Equalisation Scheme for pre and post shipment Rupee Export Credit'. The scheme ended on March 31 this year. "...Government of India has approved the extension of Interest Equalisation Scheme for pre and post shipment Rupee export credit, with same scope and coverage, for one more year i.e. upto March 31, 2021," the RBI said in a notification. The extension shall take effect from April 1, 2020 and end on March 31, 2021, covering a period of one year, it added. In November 2018, the interest subsidy was increased to 5 per cent from 3 per cent with an aim to boost MSME sector exports. Later, the government included other merchant exporters too under the scheme and allowed them interest equalisation at the rate of 3 per cent on credit for export of certain products. Exporters had been demanding extension of the scheme, particularly at a time when they are facing huge problems due to the COVID-19 crisis. Welcoming the decision, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said this is a huge relief to exporters as the cycle of exports has elongated with slowdown in demand and liquidity. "The exporters have to borrow for longer period and therefore reduction in interest rate by 5 per cent to MSME manufacturers and 3 per cent for all in selected tariff line is very timely," he said. Council for Leather Exports (CLE) Chairman P R Aqeel Ahmed said the move will greatly help exporters to be competitive at this critical juncture. India's exports dropped by a record 34.57 per cent to USD 21.41 billion in March, while it declined by 4.78 per cent to USD 314.31 billion for 2019-20. NKD RR ABM ABMMRMR

RBI extends interest subsidy scheme for exporters till March 31, 2021

Introduced by the Ministry of Housing and Urban Poverty Alleviation in June 2015, <keyword id="2910604" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> (PMAY) is a <keyword id="3269615" type="PERSON" weightage="20" keywordseo="Credit-Linked-Subsidy-Scheme">Credit Linked Subsidy Scheme</keyword> for realizing the objective of <keyword id="2481158" type="PERSON" weightage="20" keywordseo="Housing-for-All">Housing For All</keyword>. The scheme seeks to provide loans on highly subsidized interests to meet the purchase, construction, extension, and improvement of the houses by three categories of people namely Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG). The main objective of the PMAY scheme is to make housing loan affordable to all. The value of the subsidy depends on the category of income that the customer belongs to and the size of the property that is being financed. The benefits given for the different income groups are as follows: EWS/LIG category LIG (Lower Income Group and EWS (Economically Weaker Section) categories can be understood as those households whose annual income falls between Rs. 3 lakhs and Rs. 12 lakhs. The beneficiaries in this group are eligible to receive a maximum interest subsidy of 6.5%. To avail of this facility, it is mandatory that the building constructed or purchased must not exceed the carpet area of 60 square meters or 645.83 square feet (approx.). The interest subsidy will be given to a maximum loan amount of Rs. 6 lakh. In the year 2017, this scheme was extended to cover the middle income groups (MIG-1 and MIG-2) as given under. MIG 1 category MIG 1 category refers to those households whose incomes is more than Rs. 6 lakhs per annum, but does not exceed Rs. 12 lakh. The beneficiaries falling under the MIG- 1 category are eligible to receive a maximum interest subsidy of 4 % under the condition that the building constructed or purchased under this scheme does not exceed the carpet area of 160 square meters or 1,722.23 square feet (approx.). This maximum amount of loan that can be given under this subsidized interest is Rs. 9 lakh with a tenure of up to 20 years. MIG 2 category MIG 2 category refers to the category of households that have an annual income above Rs. 12 lakh but below Rs. 18 lakhs. The beneficiaries under this scheme are eligible for a maximum interest subsidy of 3%. The scheme mandates that the houses purchased or constructed under this scheme must not exceed a carpet area of 200 square meters or 2,152.78 square feet (approx.). The upper limit placed on the loan under this kind of subsidized interest is Rs. 12 lakh with a tenure of up to 20 years. Pradhan Mantri Awas Yojana Eligibility It is mandatory that the beneficiary family must not own a pucca house in the name of any of the family members in any part of the country. When a married couple applies for this loan, either one of the spouse or both the people together (joint ownership) are eligible for a single subsidy. The beneficiary family must not have received any kind of assistance from the central government under any other housing scheme of any benefits given under the PMAY.

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

<ul><li>Akhter led a <keyword id="145965" type="General" weightage="20" keywordseo="semiconductors" source="Orion">semiconductors</keyword> trade mission to <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and met top government officials in the Capital.</li><li>India's semiconductor component market is likley to reach $300 billion in cumulative revenues by 2026. </li><li>Last year, the government announced a ₹ 76,000 crore performance linked incentive (<keyword id="53367" type="General" weightage="50" keywordseo="pli" source="Orion">PLI</keyword>) scheme in the semiconductor sector . </li></ul> As the US and India join hands to address semiconductors supply chain challenges, the <keyword id="99719" type="General" weightage="50" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> government's offer to provide assistance to India to build up its semiconductor manufacturing capacity appears to be just lip service, Chinese state-run publication Global Times has said. US deputy assistant secretary, South and Central Asia, Afreen Akhter, during her visit to India this week, said they will help India boost its semiconductor manufacturing capacity. Akhter led a semiconductors trade mission to India and met top government officials in the Capital. According to Global Times, the announcement is designed to "lure India into a geopolitical game to exclude <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> from the global chip industrial chain, rather than a commitment with real investment plans to support India's chip manufacturing." The report mentioned that the CHIPS and Science Act, that aims to provide $52 billion in subsidies for chip manufacturers to build fabrication plants in the US, is an attempt to build up an industrial chain focused on the interests of the US, "which is unlikely to bring benefits to India." India has introduced a series of preferential policies to attract chip companies to invest in production in the country. Last year, the government announced a ₹ 76,000 crore performance linked incentive (PLI) scheme in the semiconductor sector to boost local manufacturing. As India and the US double down on domestic semiconductor manufacturing, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand. That was also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units. Meanwhile, the Gujarat government has partnered Vedanta and Foxconn, aiming an investment of ₹ 1.54 lakh crore to achieve self-reliance in the field of semiconductor manufacturing. India's semiconductor component market is likley to reach $300 billion in cumulative revenues by 2026, as 'Make in India' and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, according to the report by the India Electronics &amp; Semiconductor Association (IESA) and Counterpoint Research. The report further said that as India wants to become a chip powerhouse, it "should not take the bait laid by American diplomats in the hope that the US will provide it with important resources." "First, the assistance that Akhter said the US would provide to India may not be delivered on," it added. "Even as the US chose India as a partner in semiconductor cooperation in geopolitical calculations, this doesn't mean it will really help India to boost the semiconductor sector," the report mentioned. The real question India faces is if it wants to upgrade its chip manufacturing sector and move toward the upstream industrial chain, "it must build up a solid industry basis, instead of pinning its hope on US lip service". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-unlikely-to-be-hit-as-hard-by-global-recession-as-other-countries-sbi-chairman/articleshow/94872601.cms">India unlikely to be hit as hard by global recession as other countries: SBI chairman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/unseasonal-rains-have-damaged-crops-agri-minister/articleshow/94879881.cms">Unseasonal rains have damaged crops: Agri Minister</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-forex-reserve-declined-due-to-dollar-appreciation-fm/articleshow/94872555.cms">India's forex reserve declined due to dollar appreciation: FM</a>

US offer to help India in chip manufacturing just lip service: China

<ul class="summary-list"><li><keyword id="12098765" type="UNKNOWN" weightage="60" keywordseo="uk-inflation" source="Orion">UK inflation</keyword> slowed in <keyword id="12349495" type="UNKNOWN" weightage="60" keywordseo="september" source="Orion">September</keyword> largely due to a measurement quirk, the country's stats office said.</li><li>Economists expect prices to jump before the year is out, as <keyword id="11994712" type="UNKNOWN" weightage="60" keywordseo="energy-prices" source="Orion">energy prices</keyword> and supply problems hit the economy.</li></ul>UK inflation unexpectedly slowed down in September due largely to a measurement quirk, the Office for National Statistics <a href="https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/september2021">said</a> Wednesday.Yet analysts said it was most likely a blip, with many predicting that inflation will shoot upwards to a decade high of above 4% before the year is out. One economist said September's figures were "the lull before the storm."Consumer price index inflation slowed to 3.1% in September from 3.2% in August, the ONS said. Analysts had been expecting another 3.2% figure.The ONS said this was largely because of "base effects." A meal subsidy scheme launched in August 2020 pushed up year-on-year inflation in August this year. It came to an end in September 2020, which weighed on last month's figures.There were signs of strong inflation elsewhere. The UK, like countries around the world, has been hit by <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-global-energy-crisis-oil-gas-coal-bofa-2021-10">sharply rising energy prices</a> and <a href="https://www.businessinsider.com/global-supply-chain-crisis-ports-face-record-delays-2021-10">supply chain problems</a>. Economists say Brexit is likely to have made the disruption worse.Factory gate prices - at which manufacturers sell to wholesalers - rose 6.7% year-on-year in September, compared to 6% in August. The price of materials and fuels used by manufacturers rose 11.4%, up from 11.2% the previous month.ONS head of prices Mike Hardie said the base effect quirk in the headline inflation rate was "offset by most other categories, including price rises for furniture and household goods."He also said food prices fell more slowly than this time last year and added: "The cost of goods produced by factories rose again, with metals and machinery showing a notable price rise. Road freight costs for UK businesses also continued to rise across the summer."Read more: <a href="https://www.businessinsider.com/investing-advice-inflation-threat-stock-sectors-federated-hermes-steve-chiavarone-2021-10">A bullish portfolio manager admits not worrying about inflation is 'crazy' - but says stocks in these 3 sectors will still outperform as the S&amp;P 500 rises 19% by 2022</a>The <a href="https://markets.businessinsider.com/currencies/gbp-usd">pound</a> slipped after the figures were released and was trading roughly 0.1% lower at $1.377.Inflationary pressure has led to tough talk at the <keyword id="106488" type="UNKNOWN" weightage="60" keywordseo="bank-of-england" source="Orion">Bank of England</keyword>, the UK's central bank. Governor Andrew Bailey said over the weekend the Bank will have to act to stamp down on inflation, which it expects to rise above 4% in the coming months.Paul Dales, chief UK economist at Capital Economics, said: "This feels a bit like the lull before the storm." Dales said a sharp rise in UK energy bills this month had probably lifted <keyword id="12092821" type="UNKNOWN" weightage="60" keywordseo="cpi-inflation" source="Orion">CPI inflation</keyword> to around 3.8% in October.Silvia Dall'Angelo, senior economist at Federated Hermes, said: "The inflation picture is set to get worse in the short term." Yet she said inflation would cool sharply over the medium term.Financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> now think the BoE will raise <keyword id="6371181" type="UNKNOWN" weightage="60" keywordseo="interest-rates" source="Orion">interest rates</keyword> from their record low level of 0.1% this year, making it the first major central bank to do so. Traders now expect a rise to 0.25% in November.

UK inflation unexpectedly cools in September - but analysts say it's the 'lull before the storm'

The <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> administration appears to be making India's farmers a key plank in the upcoming budget, just ahead of the country’s general elections. According to reports, it plans to give the country’s farmers cash handouts in the form of direct transfers as opposed to subsidies. It's a bold move that follows months of farmer protests and an agrarian crisis in the country. It is expected to benefit an estimated 146 million farmers, according to a report from <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI). The estimate follows media reports that the government has also decided against another series of loan waivers in its upcoming interim budget. Instead, the government may opt to provide income support and interest-free loans to the farmers. Why cash transfer? On surface, the cash transfer scheme makes fiscal sense as it would help plug leakages in the transmission of subsidies. But there are a number of questions, not least of which is how feasible the scheme will be. How much does the government currently spend on subsidies and support for farmers? The government currently subsidised <keyword id="495738" type="PERSON" weightage="20" keywordseo="crop-insurance">crop insurance</keyword>, interest on farm loans and fertilisers. As per a report published by the State Bank of India, the central government’s most recent budgetary allocation to subsidy and farmer support schemes totalled around ₹981 billion - which is roughly 2.9% of India’s GDP. With an estimated 146 million farmers who benefit from these subsidies, the cost per farmer comes to anywhere between ₹5,335 and ₹10,162 annually. The lower figure going to someone who avails of one scheme and the higher figure going to someone who benefits from all three - crop insurance, interest subsidies and fertiliser subsidy. 
 
 
 
 
 
 
	
 
 
	
 
	
 <div type="image" title="Table" msid="67657044" hostid="261" caption="&amp;lt;p&amp;gt;Estimated government subsidies to farmers&amp;lt;/p&amp;gt;"></div>























 That figure assumes that out of a total of 146 million farmers (as per Agriculture Census 2015-16), only 35% avail of crop insurance, 45% have bank accounts to avail of interest subsidies and 90% of all farmers receive fertiliser subsidies in some form or the other. Will all farmers get cash transfers? No. Landless farmers, who till someone else’s land, will be left out of the scheme. And that’s a high number in India. 56% of India’s rural households do not own any land, according to the last socio-economic caste census. Many states like Jharkhand, Bihar, Gujarat, Kerala &amp; Tamil Nadu are yet to fully digitise land records. This will make it tougher to ensure that cash transfers reach all intended beneficiaries. SBI’s report estimates that the government may be able to reach up to 100 million farmers. How much farmers get via direct cash transfer, if approved? If the cash transfers reach 100 million farmers, the budgetary allocation will have to be around ₹1- ₹1.2 trillion. That works out to an average individual payment ₹10,000- ₹12,000 per farmer. At this cost, there will be no additional financial burden on the government. What is the flip side? Even assuming that the cash transfers reach a 100 million farmers, as per the SBI estimate, it leaves out at least one third of the beneficiaries who were availing one kind of subsidy or the other. This is likely to backfire unless the government is able to fine tune the system and make it efficient and more inclusive sooner than later.

Explained: The cost of giving India's farmers cash instead of subsidies

<ul><li>The <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration is said to be planning a direct cash transfer scheme for <keyword id="45092" type="COMPANY" weightage="20" keywordseo="farmers">farmers</keyword> as opposed to subsidies. </li><li>The government-owned State Bank of India (SBI) has supported the proposal, saying that it can be cash neutral once the government winds down its <keyword id="6354916" type="DEFINITION" weightage="20" keywordseo="Subsidy">subsidy</keyword> and insurance support schemes. </li><li>However, the scheme can only be unconditional in the short-term as the central government doesn’t have the resources or legal infrastructure in place to ascertain landholding size. </li></ul>Earlier this week, <a href="https://www.bloombergquint.com/union-budget-2019/india-said-to-mull-switch-to-cash-payments-scrap-farm-subsidies#gs.t3w2UQPU">news reports</a> emerged that the Modi administration was planning a direct cash transfer to farmers as opposed to subsidies. The reports lent further credence to the fact that the Indian government had decided against another series of loan waivers in its upcoming interim <keyword id="6358021" type="ORGANIZATION" weightage="20" keywordseo="budget">Budget</keyword>, opting <a href="https://www.businessinsider.in/interest-free-loans-and-income-support-the-upcoming-budget-may-be-a-song-for-indias-farmers/articleshow/67538156.cms">for income support and interest-free loans</a> instead after assessing the state of its fiscal deficit. The annual cost of the cash transfer programme, excluding implementation costs, is pegged at ₹700 billion. In fact, the government is reportedly planning to fund these direct cash transfers by winding down its farmer subsidy programmes, which includes its fertilizer aid scheme. Yesterday, the government-owned State Bank of India (SBI), India’s largest bank, put out <a href="https://www.sbi.co.in/portal/web/about-us/research-desk">a report</a> batting for the direct cash transfer proposal, a move that was also supported by IMF Chief Economist Gita Gopinath. The total allocation to the subsidy and insurance support schemes in the 2018-2019 was around ₹981 billion, which is 2.9% of India’s GDP. Doing away with subsidies would free up an ample amount of funding for the cash transfer scheme, according to the SBI report. As per SBI’s calculations, a beneficiary of the government’s current farmer subsidy schemes receives a cash payment in the range of ₹5,335 and ₹10,162 on an annual basis. Hence, using a rough estimate of 100 million beneficiaries, the budgetary allocation to the cash transfer scheme would have to be around ₹1- ₹1.2 trillion - at an average individual payment ₹10,000- ₹12,000 - to ensure the exercise doesn’t add to the government’s existing financial burden. Additionally, the report pointed out that an unconditional direct cash transfer scheme would be more viable than a Universal Basic <keyword id="47201" type="COMPANY" weightage="20" keywordseo="income">Income</keyword> (UBI) or a conditional transfer scheme like <keyword id="68884" type="LOCATION" weightage="20" keywordseo="Telangana">Telangana</keyword>’s Rythu Bandhu. Under that scheme, the government of Telangana provides smallholder farmers a handout of ₹4,000 per acre on an annual basis for investment in two crops. However, that hinges on the digitisation of land data in several states like Bihar, Tamil Nadu and Jharkhand. The central government doesn’t have the on-ground resources in place to adequately identify beneficiaries and verify their landholdings. That makes an <keyword id="1690909" type="PERSON" weightage="20" keywordseo="unconditional-cash-transfer">unconditional cash transfer</keyword> programme is more realistic in the short-term. SEE ALSO: <a href="https://www.businessinsider.in/interest-free-loans-and-income-support-the-upcoming-budget-may-be-a-song-for-indias-farmers/articleshow/67538156.cms">Interest-free loans and income support— the upcoming Budget may be a song for India’s farmers</a> <a href="https://www.businessinsider.in/politically-driven-financially-unsound-the-loan-waivers-offered-by-indias-political-parties-will-only-serve-to-worsen-the-countrys-bad-loan-crisis/articleshow/67190737.cms">Politically driven, financially unsound: The loan waivers offered by India’s political parties will only serve to worsen the country’s bad loan crisis</a>

You Searched For "interest subsidy scheme" and got 9 results

Budget 2024-25: Govt announces transit-oriented development plan for large cities

PTI

Fund allocations to key sectors and schemes hiked in budget

ANI

Don't fall prey to rumours about discontinuation of schemes: Delhi govt to citizens

PTI

RBI extends interest subsidy scheme for exporters till March 31, 2021

PTI

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

BI India Bureau

US offer to help India in chip manufacturing just lip service: China

IANS

UK inflation unexpectedly cools in September - but analysts say it's the 'lull before the storm'

Harry Robertson

Explained: The cost of giving India's farmers cash instead of subsidies

BI India Bureau

India’s largest bank bats for the government’s proposed cash handouts to farmers but says they must be unconditional

Dilsher Dhillon

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