Crediting Rythu Bandhu at ₹5,000 every acre into the accounts of these farmers is likely to require in excess of ₹2,000 crore. File

The State Government has decided to raise ₹3,000 crore market borrowings through auction of securities from the Reserve Bank of India (RBI).

The State Government has submitted an indent for raising the amount during the auction of securities to be conducted on May 7. In the process, the Government made small modifications to its borrowings calendar during the firth quarter of the current financial year. While it had indicated that it will raise ₹2,000 crore each through auction of securities on April 8 and 23, the Government reduced the figure to ₹1,500 crore each during the two auctions thereby availing space for borrowing ₹1,000 crore. The amount was adjusted for the auction on May 7 wherein the Government will raise ₹3,000 crore instead of the ₹2,000 projected in the indicative calendar of borrowings.

The development assumes significance in the light of Chief Minister A. Revanth Reddy’s assertion that his government was committed to complete crediting amounts under the Rythu Bandhu for Rabi season into the accounts of all eligible farmers by May 8. The Government had so far credited ₹5,777 crore into the accounts of 64.75 lakh farmers out of the 68.99 lakh leaving a balance close to four lakh farmers.

Crediting Rythu Bandhu at ₹5,000 every acre into the accounts of these farmers is likely to require in excess of ₹2,000 crore. At the same time, the government should also credit the amounts pertaining to social security pensions like Aasara into the accounts of eligible beneficiaries and crediting of the amounts into their accounts had started on Saturday.

The Government had accordingly revised its calendar of borrowings to ensure that there was no paucity of funds for Rythu Bandhu. The results of May 7 auction, according to the RBI, will be announced on May 7 and payment by successful bidders will be made during the banking hours on May 8 at Mumbai and at respective regional offices of the Apex Bank.

Union Minister Anurag Thakur addresses the media during cabinet briefing, in New Delhi, on October 25, 2023.
| Photo Credit: Sushil Kumar Verma

The Union Cabinet on Wednesday approved a ₹22,303 crore subsidy on P&K fertilisers for the current Rabi season to ensure farmers continue to get soil nutrients at reasonable rates despite high global prices.

The decision was informed by Information and Broadcasting Minister Anurag Thakur after the Cabinet meeting.

The Union Cabinet has approved nutrient-based subsidy rates (NBS) for various nutrients, like nitrogen, phosphorous, potash and sulphur for the Rabi crop season (October 1, 2023 – March 31, 2024).

Mr. Thakur said di-ammonium phosphate will continue to be sold at the old rate of ₹1,350 per bag, while for Muriate of Potash (MoP) the rate will go down.

A trader checking the quality of wheat at the wholesale grain mandi at Najafgarh, in New Delhi. File photo.
| Photo Credit: Shiv Kumar Pushpakar

Wheat has been sown in 54,000 hectare so far in the ongoing rabi (winter) season of the 2022-23 crop year, 59 per cent higher than 34,000 hectare in the year-ago period, according to the agriculture ministry data released on Friday.

The sowing of wheat, the main rabi crop, begins in October and harvesting in March-April. Besides, gram and mustard are other major crops grown during the rabi season (July-June).

According to the latest sowing data, wheat sowing is underway in Uttar Pradesh, Uttarakhand, Rajasthan and Jammu & Kashmir.

About 39,000 hectare was covered under wheat in Uttar Pradesh, 9,000 hectare in Uttarakhand, 2,000 hectare in Rajasthan and 1,000 hectare in Jammu & Kashmir as on October 28, the data showed.

Area sown to pulses remained higher at 8.82 lakh hectare so far this rabi season against 5.91 lakh hectare in the year-ago period. Among pulses, the gram was planted in 6.96 lakh hectare against 5.91 lakh hectare a year ago.

In the case of oilseeds, about 19.69 lakh hectare was sown to six types of oilseeds, higher than 15.13 lakh hectare in the year-ago period. Much of the area was sown to rapeseed and mustard at 18.99 lakh hectare compared to 14.21 lakh hectare in the year-ago period.

Coarse cereals were sown in 4.68 lakh hectare against 2.31 lakh hectare, while rice in 4.02 lakh hectare against 3.54 lakh hectare a year ago, the data showed.

The total coverage under all the rabi crops remained higher at 37.75 lakh hectare as of October 28 this rabi season, higher than 27.24 lakh hectare in the year-ago period.

Sowing is expected to pick up in the coming weeks once the land gets clear after harvesting the Kharif crops.