Punjab Chief Minister Bhagwant Mann unveiled a significant agricultural reform benefiting 13 lakh farmers by introducing the revamped Kisan Credit Card (KCC). The updated policy enhances crop-wise credit limits, reduces interest burdens, expands loan eligibility to high-value crops, and introduces financial aid for stubble management. These reforms aim to boost farmers’ income, promote crop diversification, strengthen cooperative credit institutions, and alleviate farmers from debt burdens.
The KCC framework overhaul is expected to benefit over 13 lakh farmers in Punjab, with increased credit support for various crops, including horticulture crops. Punjab’s Chief Minister emphasized that these reforms mark a historic initiative towards the economic empowerment of the state’s farmers. The new system streamlines financial processes, ensures direct fund transfers to farmers’ accounts, and modernizes credit structures to align with contemporary agricultural needs.
CM Mann highlighted the government’s efforts to digitize agricultural finance, emphasizing the shift from manual paperwork to a transparent and efficient digital system. The revised policy enhances financial support for wheat and paddy cultivation, reflecting actual costs and providing farmers with the necessary financial backing. Additionally, Punjab becomes the first state to include crop residue management in the KCC framework, empowering farmers to contribute to environmental conservation.
The updated KCC framework also supports sugarcane growers by increasing financial aid for planted sugarcane crops. Furthermore, the policy encourages crop diversification by including high-value crops like agro-forestry crops and agro-horticulture crops under the credit framework. These measures aim to accelerate agricultural growth, support allied sectors, and enhance farmers’ livelihoods.
