Current Affairs - Banking - Discussion

State Bank of India recommended Unconditional Cash Transfer to farmers to alleviate the agrarian distress instead of Universal Basic Income (UBI) scheme in its Ecowrap report. Initiating Rythu Bandhu Scheme on national level may not be feasible presently because land data in several states including Bihar, Jharkhand, Gujarat and Tamil Nadu is not yet digitized. The Report suggested that Government should consider Unconditional Cash Transfer scheme until the problems are ironed out in terms of proper tenancy laws because it will be more equitable (on per farmer basis) with meaning full impact. As per the report, The Government had estimated Agriculture Subsidy (Plus Support) at Rs 98,100 crore in the 2019-20 budget which includes 13,000 crore for Crop Insurance, 15,000 crore for Interest Subsidy and Rs. 70,100 crore for Fertilizer subsidy.