Finance Minister Nirmala Sitharaman presented the Economic Survey 2024-25 in Parliament, revealing that 7.75 crore Kisan Credit Cards (KCC) are active across India as of March 2024. Under this scheme, ₹9.81 lakh crore has been allocated to farmers, aiding small and marginal farmers with low-interest loans to enhance productivity and income.
Key Highlights from the Survey:
- 1.24 lakh KCCs issued for fisheries and 44.40 lakh for animal husbandry.
- Kisan Rin Portal (KRP) launched to digitize loan approvals and claims, with ₹1 lakh crore claims settled by December 2024.
- 5.9 crore farmers currently benefiting from the scheme.
- Banks mandated to allocate 40% of total loans to priority sectors, including agriculture.
Decline in Farmers’ Dependence on Non-Banking Lenders
In 1950, 90% of farmers relied on private moneylenders, whereas by 2022, the figure dropped to 25%, indicating a shift towards institutional credit.
Agricultural Credit Growth (2014-2025)
- 12.98% annual growth in agricultural loans from ₹8.45 lakh crore (2014-15) to ₹25.48 lakh crore (2023-24).
- Loans to small farmers increased from ₹3.46 lakh crore (41%) in 2014-15 to ₹14.39 lakh crore (57%) in 2023-24.
The government’s continued efforts in expanding institutional credit access are driving financial inclusion and agricultural growth in India.
