Mukya Mantri Krishi Ashirvad Yojana
The Chief Minister of Jharkhand has announced the Mukya Mantri Krishi Ashirvad Yojana (MKAY) for the benefit of farmers in the state. Under this scheme, the Government has decided to provide financial assistance for the under-privileged marginal farmers with timely incentives. Being announced in December 2018, the scheme is expected to be implemented by the Financial Year 2019-2020.Budget Allocation
A budget close to INR 2250 Crores has been allocated towards this highly essential scheme by the Government of Jharkhand. The eagerly anticipated outcome of this scheme is expected to favour around 22.76 Lakh destitute farmers. The primary motive behind the formation of this scheme is to increase agricultural production and thereby, lessen the financial crisis faced by our farmers. It is believed that this scheme would profoundly increase their income and reduce the agricultural demand.Benefits of Mukya Mantri Krishi Ashirvad Yojana
- Under MKAY, the State Government has assured to offer upto INR 5000 per acre for the cultivation of Kharif crops annually.
- In addition to this, the farmers who possess lesser proportion of land are not abandoned but equal benefits would be given to them as well.
- An expected measure of 45 Lakh acres could be covered under MKAY for various cultivation purposes.
- At present, a premium of INR 66 crore would be paid by the State Government towards crop insurance for nearly 48.85 Lakh farmers.
- Apart from these, loans with absolutely zero percent interest rates are also being provided by the state government for the welfare of its farmers.
- The appropriate amount sanctioned under the MKAY scheme is generally transferred to farmers through cheque or direct debit transfer mode for easy utilization.
- Even after the successful production of crops, the farmers are not expected to repay the amount yielded by the Government.
Insights about MKAY
On implementation of this scheme, the agricultural requirements of farmers are excepted to be fulfilled with no dependency on bank loans or high interest money lenders. This imperative scheme renders assistance to the farmers by making them self-sufficient and by relieving them from the constraint of borrowing. Under the roof of MKAY, the Government is also refining other ideas about creating agricultural markets for farmers to vend their products conveniently. This would result in the hike of employment opportunities amidst the literates of the state in a short span of time. Thus, on enforcement of MKAY, the State Government is doing justice to our country by taking the maiden effort and contributing towards envisaging our Prime Minister Narendra Modi’s vision to double farmers income by 2022.Requisites to avail MKAY
The elite MKAY plan is applicable only to the native farmers of Jharkhand who possess cultivatable land between 1 to 5 acres.Documents Required
Every farmer seeking MKAY must possess:- Original Resident Certificate issued by the Government of Jharkhand
- An Aadhar card for the Unique Identity Number.
- A Copy of Bank Passbook is required for further transactions.
Promotional Measures
In order to establish complete transparency about MKAY to every primitive farmer, local language promotions were carried-out across the 24 districts of the state.Related Guides
Popular Post
Starting a small business can be a transformative venture, offering the exciting opportunity...
Tax deduction at source, shortly and popularly known as TDS, was introduced by the Income Tax...
Goods & Services Tax Certificate is issued to people who are registered under GST...
GST registration applies to all individuals and entities supplying goods or services in India. GST...
Gift tax in India is applied when the value of the received gift exceeds ₹50,000 in the...
The Union Budget 2025 has brought significant changes to India’s personal income tax structure, raising the...
The Goods and Services Tax (GST) is an indirect tax system introduced in India in 2017. It functions...
A trademark search is simply checking if another person or organization does not already own the...
Section 194H of the Income Tax Act in India mandates the deduction of Tax at Source (TDS) on commission or brokerage...
Section 80G Deduction is a facility available in the Income Tax Act which allows taxpayers to...
The Income Tax Department (ITD) has not provided specific guidance on crypto taxes for Indian investors. However...
Internal audit applicability is a critical concept for companies in India, impacting various...
In the business world, two main types of companies exist: private company and public company...
Ministry of Finance vide a Notification No 05/2022- Central Tax (Rate) dated 13.7.2022 has issued...
The Central Board of Indirect Taxes and Customs (CBIC) has recently announced an extension...
Depreciation is a key concept in finance and accounting. It helps us manage how the value of...
Form 10IA of the Income Tax Department must be filed by taxpayers claiming income tax deduction...
The Goods and Services Tax (GST) system in India has been a significant reform in the country's...
India's Gross Domestic Product (GDP) benefits significantly from the substantial...
The Finance Act, 2023 introduced the MSME 45-day payment rule under Section 43B(h) of the Income Tax Act...
The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced by Union Finance Minister...