Agriculture and its allied sectors are the largest sources of income in India. Over 70% of its rural households still depend on agriculture for their livelihood. As farmers are the backbone of the country, their growth and development are important. Hence government has launched many schemes and programs to help them reduce the cost and increase productivity.
Today we are going to discuss about subsidy on Agricultural Machinery provided by the government. Since, agricultural machinery is expensive and the small farmer cannot afford it Government has started the following machinery subsidy schemes.
Rashtriya Krishi Vikas Yojana
Rashtriya Krishi Vikas Yojana is a state government scheme, under which 100% subsidy is provided to the farmers. The scheme was launched by the Government on 29th May 2007. Its purpose is to develop agriculture sector keeping in mind the agro-climatic, natural resources and technology.
On the basis of this, agricultural plans are prepared for the district and the states. Talking about agricultural machinery, under this, assistance is provided for farm mechanization, advanced and women friendly equipment, tools. The RKVY scheme should be limited to setting up custom hiring centers.
Sub-Mission on Agricultural Mechanization
This scheme has been started to help small and marginal farmers. Through this, farmers are empowered. Various activities of agricultural mechanization from the Government of India. For example, funds are released for setting up and distribution of custom hiring centers, agricultural machinery banks, and the establishment of hi-tech hubs.
National Food Security Mission
Under this scheme, agricultural productivity is improved. The main objective of this scheme is that instead of buying new agricultural machinery, the old machinery should be made better. This should be focused because the continuous use of agricultural machinery does bring some drawbacks. In such a situation, you can take advantage of agricultural machinery under the National Food Security Mission (NFSM).
Subsidies for Specific Machines in India
To ease the cultivator work, the farming machines are significant. However, the cost of the machines is high & thus is unaffordable. Hence, the government must implement certain ingenuity that would encourage the farmer’s participation. Also, aid them financially to busy the necessary machines & equipment. For instance, the Land Conservation Department offers a 90% subsidy to the women establishments for purchasing the machines. Likewise, many schemes have subsidies and these are:
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Tractor
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Rotavator
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Hey Taker
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Straw Baler
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DSR Machine
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Rotary Slasher
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Post Hole Digger
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Neumatic Planter
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Laser Land Leveller
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Paddy Trans-Planter
Nabard Loan
Under the NABARD loan scheme, a subsidy of up to 30% is provided on the purchase of tractors. Apart from this, up to 100% subsidy is given for other agricultural machinery. In this way, agricultural machinery becomes easily available for farmers to do farming thus increasing their productivity.
How to get subsidy on Agricultural Machinery
You can get subsidies on agricultural machinery in 2 ways. First direct cash subsidy and second indirect subsidy. The direct one is in the form of cash, which is very helpful for the farmers, while the indirect subsidy is by making the agricultural income tax-free income. It must be noted that some important documents are required to get subsidy on agricultural machinery. These include the most important Aadhar card, voter ID, voter card, copy (statement) from the bank, account details, PAN card, contact information, name and date of birth, application form and payment receipt etc.
