PM Pranam Scheme has been announced by Finance Minister of India, Smt. Nirmala Sitharaman on 1 February 2023. PM PRANAM full form is PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth. While presenting the Union Budget 2023-2024, FM said that PM Pranam scheme will reduce subsidy burden of chemical fertilizers on central government. Read this article till the end to know complete details regarding PM Pranam Yojana.
In light of the increased demand, the government has also been increasing the subsidies it provides for chemical fertilisers. PM PRANAM has thus been introduced which seeks to reduce the use of chemical fertiliser and is likely to reduce the burden on the exchequer. The PM Pranam scheme is also in line with the government's focus on promoting the balanced use of fertilisers or alternative fertilisers in the last few years.
PM PRANAM Scheme in Union Budget 2023-2024
While presenting the Union Budget 2023-2024, FM said "PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth will be launched to incentivize states and union territories to promote alternative fertilizers and balanced use of chemical fertilizers".
PM Pranam Scheme aims to reduce the subsidy burden on chemical fertilisers, which is expected to increase in the upcoming years.
Grant under PM Pranam Yojana
70% of grant under PM Pranam Scheme would be used for asset creation related to technological adoption of alternate fertilisers and alternate fertiliser production units at village, block and district levels. 30% of grant under PM Pranam Yojana would be used for incentivising farmers, panchayats, farmer producer organisations and self-help groups that are involved in the reduction of fertiliser use and awareness generation.Need for PM Pranam Scheme
PM Pranam Scheme has been introduced due to increase in demand for fertiliser in the country over the past 5 years which has also increased the overall expenditure by the government on subsidy. The total requirement of four fertilisers - Urea, DAP (Di-ammonium Phosphate), MOP (Muriate of potash), NPKS (Nitrogen, Phosphorus and Potassium) - has increased overtime.In light of the increased demand, the government has also been increasing the subsidies it provides for chemical fertilisers. PM PRANAM has thus been introduced which seeks to reduce the use of chemical fertiliser and is likely to reduce the burden on the exchequer. The PM Pranam scheme is also in line with the government's focus on promoting the balanced use of fertilisers or alternative fertilisers in the last few years.
Check PM Pranam in Union Budget 2023-2024 at https://www.indiabudget.gov.in/
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Central Government