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| Strategic Gesture | | |
Prime Minister Narendra Modi’s decision to release Kisan Nidhi funds as his first move in his third term is a strategic gesture that underscores the continued prioritization of the agricultural sector in India’s economic and social landscape.
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, launched in 2019, provides income support to farmers to help them meet agricultural and domestic needs, representing a crucial lifeline for millions of farmers across the country.
This decision carries multiple layers of significance. First, it reinforces the government’s commitment to addressing the issues faced by the agricultural sector, which employs nearly half of India’s workforce but has been struggling with low productivity, inadequate infrastructure, and financial instability. By releasing these funds immediately, PM Modi signals that the welfare of farmers remains at the forefront of his administration’s agenda.
Furthermore, this move can be seen as a continuation of PM Modi’s broader economic strategy. Throughout his previous terms, PM Modi led government has introduced numerous reforms aimed at boosting the agricultural sector, including the controversial farm laws, which were later repealed due to widespread protests. Despite the setbacks, the government’s resolve to modernize agriculture and enhance farmers’ income remains evident.
The PM-KISAN scheme provides direct cash transfers to farmers, ensuring that the benefits reach the intended recipients without leakages that often plague subsidy programs. This method of direct benefit transfer has been lauded for its efficiency and transparency.
By releasing these funds as his first action in the new term, PM Modi reiterates his commitment to transparency and efficiency in governance.
Politically, this move is astute. The agricultural community represents a significant portion of India’s electorate. By prioritizing their welfare, PM Modi not only garners goodwill but also strengthens his political base. This decision can be interpreted as a gesture to reassure farmers of his administration’s support, especially after the contentious period following the farm law protests. It aims to rebuild trust and demonstrate that the government is listening to their needs and concerns.
Economically, the infusion of funds into the rural economy can have a stimulating effect. Agriculture plays a critical role in India’s economy, and boosting the purchasing power of farmers can lead to increased demand for goods and services in rural areas. This can spur economic activity and contribute to the overall growth trajectory of the country, aligning with Modi’s vision of a $5 trillion economy. |
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