The Indian government recently announced a higher minimum support price (MSP) of 14 Kharif or summer-sown crops for 2020-21.
It hiked the support price of most popular summer crop paddy by Rs 53 per quintal to Rs 1,868 per quintal.
The rates for oilseeds, pulses and cereals were also raised.
The revised prices will provide farmers nearly 50-83 per cent more than the cost, Indian Agriculture Minister Narendra Singh Tomar said in a cabinet briefing.
Kisan Credit Cards for 1.5 crore dairy farmers
The government also decided to provide Kisan Credit Cards (KCC) to around 1.5 crore dairy farmers belonging to milk unions and milk-producing companies within the next two months under a special drive.
According to an official, the target is to cover all farmers who are members of dairy cooperative societies and associated with different milk unions and who do not have KCC in the first phase of this campaign.
Repayment Date Extended
The Union Cabinet chaired by the Indian PM Narendra Modi approved to extend repayment date up to August 21, 2020, for standard short-term loans up to Rs 3 lakh advanced for agriculture and allied activities which have become due or shall become due between March 1, 2020, and August 31, 2020.