Union Finance Minister Nirmala Sitharaman on Saturday described the Kisan Credit Card (KCC) scheme as a lifeline for millions of Indian farmers.
She highlighted the significant role the scheme has played in providing timely and affordable credit to the agricultural sector.
In a post on social media platform X, Sitharaman shared an infographic showing that over 465 lakh KCC applications have been sanctioned, with a total credit limit of ₹5.7 lakh crore.
She credited Prime Minister Narendra Modi’s leadership for transforming the scheme into a powerful tool for farmer empowerment.
The Kisan Credit Card scheme enables farmers to access short-term crop loans at highly subsidised interest rates.
Farmers can borrow up to ₹3 lakh at just 4% interest if they repay the loan on time, thanks to a Prompt Repayment Incentive of 3%.
This incentive effectively reduces the interest burden, allowing farmers to save up to ₹9,000 annually on every ₹1 lakh borrowed.
The government has raised the subsidised loan limit under the KCC scheme from ₹3 lakh to ₹5 lakh, extending its benefits to approximately 7.7 crore farmers, including fishermen and dairy farmers.
This expansion reflects the government’s efforts to ensure financial inclusion across all allied agricultural sectors.
Sitharaman also lauded the Modi government’s commitment to farmers, citing a massive increase in the Agriculture Budget.
She noted that the budget rose from ₹21,500 crore in 2013 to ₹1.22 lakh crore in 2024, marking more than a fivefold increase.
“From just Rs 21,500 crore in 2013 to Rs 1.22 lakh crore in 2024, Agriculture Budget has seen a more than 5X rise, reflecting Hon’ble Prime Minister Shri @narendramodi led government’s commitment to its farmers and their welfare,” Sitharaman’s Office stated on X.
The Finance Minister reiterated that the KCC scheme, along with other agricultural initiatives, has significantly improved the financial resilience of India’s farming community.
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