📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    The PM-KISAN scheme has been instrumental in providing

    income support to farmers during challenging times. Which of the following events highlighted the importance of this scheme? Read the passage below and answer the following questions based on the passage ( Q no 19 to 22) Financial security for farmers is crucial to ensuring the sustainability of agriculture and the overall well-being of rural communities in India. Given that agriculture forms the backbone of the Indian economy and employs nearly half of the population, the financial stability of farmers directly impacts not only the agricultural sector but also food security and national economic growth. However, many farmers, particularly smallholders, face financial uncertainties due to unpredictable weather patterns, market fluctuations, and rising costs of inputs. Ensuring financial security for farmers is, therefore, vital for the country's long-term agricultural stability. One of the key reasons financial security is so important for farmers is the inherent risk involved in farming. Agriculture in India is highly vulnerable to external factors like climate change, erratic monsoons, droughts, floods, and pest infestations. These risks often lead to crop failures, leaving farmers without income and, in many cases, burdened with debt. Financial security measures, such as crop insurance, access to credit, and savings mechanisms, provide farmers with a safety net. They can mitigate the financial damage caused by these uncontrollable factors and ensure that farmers can continue their agricultural activities without falling into poverty or losing their land. Access to credit is another essential aspect of financial security for farmers. Many farmers rely on credit to purchase seeds, fertilizers, and equipment, but due to a lack of collateral or formal financial literacy, they often turn to informal moneylenders who charge high interest rates. This leads to cycles of debt and poverty. Providing farmers with affordable and timely credit from formal institutions can help them invest in better agricultural inputs and technology, thereby improving productivity. Financial security through formal banking and credit channels can also prevent farmers from being exploited by predatory lending practices.
    A The COVID-19 pandemic Correct Answer Incorrect Answer
    B The launch of the National Agriculture Market (eNAM) Correct Answer Incorrect Answer
    C The implementation of the Goods and Services Tax (GST) Correct Answer Incorrect Answer
    D The demonetization of high-value currency notes Correct Answer Incorrect Answer
    E The introduction of the Pradhan Mantri Fasal Bima Yojana (PMFBY) Correct Answer Incorrect Answer

    Solution

    The PM-KISAN scheme played a crucial role in supporting farmers during the economic disruptions caused by the COVID-19 pandemic.

    Practice Next
    More Economic and Social Issues ESI Questions
    ask-question