The government will launch a new scheme—PM PRANAM—to “incentivise” states and Union Territories to promote alternative fertilisers and balanced use of chemical fertilisers, Finance Minister Nirmala Sitharaman announced in her Budget speech Wednesday.
Sitharaman said, “PM Program for Restoration, Awareness, Nourishment and Amelioration of Mother Earth (PM PRANAM) will be launched to incentivise states and union territories to promote alternative fertilisers and balanced use of chemical fertilisers.”
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In September last year, The Indian Express had reported that the government plans to introduce a new scheme – PM PRANAM—to reduce the use of chemical fertilisers in the country.
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The idea of the PM PRANAM was mooted by the Union Ministry of Chemicals & Fertilisers. The fertilisers ministry officials had shared the details of the proposed scheme with the state government officials during the National Conference on Agriculture for Rabi Campaign-2022 held on September 7. However, at that time the full form of the PM PRANAM was mentioned as ‘PM Promotion of Alternate Nutrients for Agriculture Management Yojana.’
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Under the PM-PRANAM, the Centre plans to incentivise the states for reducing the use of chemical fertilisers and ultimately bring down the subsidy burden, which is estimated to reach Rs 2.25 lakh crore in 2022-23—39 per cent higher than last year’s figure of Rs 1.62 lakh crore.
Union Budget 2023: All you need to know
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↗️ Finance Minister Nirmala Sitharaman’s Union Budget 2023 has some big takeaways↗️ First, what everyone has been looking forward to: changes in the new income tax regime. She has made the new tax regime more attractive. There are changes in the rebate limit and in tax slabs. What does this mean for the taxpayer?↗️ FM Sitharaman proposed a 33% increase in capital investment outlay, raising it to Rs 10 lakh crore. This is the biggest in the past decade. What does it mean?↗️ Some articles get cheaper and others get costlier due to changes in customs duty. Here is a list↗️ The capital outlay for the railways has been increased to the highest ever – Rs 2.40 lakh crore. The government is trying to create more jobs↗️ FM Sitharaman said the fiscal deficit will fall to 5.9% of the GDP. What does it mean for the stakeholders?↗️ The FM called it the ‘first Budget of Amrit Kaal’. PM Narendra Modi said it will build a strong foundation for a developed India. What did opposition leaders say?