He said a sum of Rs 100 crore has been earmarked for the proposed relief fund.
Oraon presented an estimated Rs 86,370 crore budget for the financial year 2020-21 in the house, the first one of the new JMM-Congress-RJD ministry headed by Hemant Soren.
"There is a proposal to set up Jharkhand Rajya Kisan Rahat Kosh (farmers relief fund) from this Kharif season, changing the form of Pradhan Mantri Fasal Bima Yojana (PMFBY)," Oraon said.
The minister, however, did not elaborate about the proposal.
The Soren-led government came to power in Jharkhand after elections in November-December last year.
PMFBY was introduced on January 14, 2016 with an aim to reduce agricultural distress and farmers welfare without having to affect hefty hikes in the minimum support price (MSP) for agricultural products due to monsoonfluctuation induced risks.
Oraon said in his budget speech that out of the total budget, Rs 73,315.94 crore is under the head of revenue expenditure, while Rs 13,054.06 crore on the capital expenditure.
He also said that the state government has decided to introduce "Short Term Agriculture Loan Relief Yojana", underlining Rs 2,000 crore for 2020-21 fiscal for the scheme.
Another Rs 200 crore has been allocated under the "Paddy Production & Market Accessibility," the finance minister said.
Announcing a new scheme Modern Diagnostic & Other Testing Lab along with ambulance facilities for animals, Oraon said women from the above poverty line would be connected with the ongoing scheme of distribution of cows along with the BPL families.
There is also a proposal to give an additional Rs 50,000 to the beneficiaries under "Pradhan Mantri Awas Yojana" and allowing them to construct houses as per their choice.
The minister also said that Rs 4,199 crore has been earmarked for constructing five thousand housing units under "Baba Saheb Ambedkar Yojana" in the new financial year.
The government has set a target to connect one lakh families under "Livelihood Promotion" scheme in paddy cultivation, poultry, vegetables and medicinal herbs, he said.
Under the "Mukhya Mantri Visesh Chhatra Vriti Yojana" (Chief Ministers Special Students Scholarship), he said that the government has earmarked Rs 30 crore with a proposal to give scholarship to all the students, from Class I to Class XII of the government schools.
The minister said that there is also a proposal of Rs 1,660.77 crore to ensure regular honorarium to para teachers.
The honorarium of Cook-cum-Sahaika engaged in preparations of midday meals will be increased by Rs 500, taking their monthly payment to Rs 2,000.
The government has also taken several measures in the sectors of health, industry, tourism, skill development and among others. PVR SNS BALBAL