Business

BJP Factsheet: Agriculture Sector Growth More Robust and Stable Compared to UPA’s Fluctuating Years

Published

2 years ago

February 12, 2025

In a pointed response to the Congress Party’s criticisms regarding the agricultural sector’s performance, the BJP’s factsheet emphasizes that recent growth rates are not only stronger but also more consistent, supported by increased government budget allocations compared to the period from 2004 to 2014 when the UPA held power.

“The UPA’s years from 2004 to 2014 were marked by instability in Indian agriculture. For instance, the GDP growth rate for agriculture and allied sectors reached 5.1% in 2005-06, yet saw a decline of 0.1% in 2008-09, reflecting the Congress’s failure in agricultural policy,” the factsheet states.

“Claims of agricultural stagnation under the NDA are completely unfounded, as the sector has shown robust growth in recent years, averaging a 5% annual increase from FY17 to FY23. Additionally, preliminary data for the first and second quarters of 2024-25 indicate growth rates of 2% and 3.5%, respectively, further showcasing the sector’s resilience,” it continues.

The factsheet also notes that farmers’ financial conditions are improving, with agricultural income rising by an average of 5.23% annually over the past decade. Despite a temporary dip in employment during the pandemic, the NDA government has led a strong recovery, reducing the unemployment rate to 3.2%, significantly lower than the pre-pandemic level of 6%.

Furthermore, while the Congress Party has been accused of ignoring farmers’ needs, the NDA consistently ensures that the Minimum Support Price (MSP) is set at 1.5 times the average cost of production. The landmark PM KISAN scheme, one of many initiatives, has benefited 11 crore farmers from 2019 to 2024, with over Rs 3.45 lakh crore distributed via Direct Benefit Transfer (DBT). Farmers’ purchasing power has significantly increased; total agricultural credit rose from Rs 7.3 lakh crore in 2013-14 to over Rs 25.48 lakh crore by 2023-24.

Additionally, the NDA has expanded the Kisan Credit Card scheme to include farmers in Animal Husbandry and Fisheries since 2018-19, a move absent during the UPA’s tenure. Under the UPA, the National Agricultural Insurance Scheme (NAIS) and its modified version provided limited support with a mere allocation of Rs 2,151 crore in 2013-2014. In contrast, the PMFBY boasts a far larger budget and a more inclusive approach, with the NDA allocating Rs 13,625 crore for the initiative in 2023-24—six times more than the previous Congress allocation.

The NDA government’s efforts have also led to a substantial increase in registered Farmer Producer Organizations (FPOs). While only 318 FPOs were established under the UPA, the NDA launched the ‘Formation and Promotion of 10,000 FPOs’ scheme in 2021 with an investment of Rs 6,865 crore, resulting in 8,875 FPOs across the country as of August 2024.

Additionally, the gap in consumption expenditure between urban and rural areas has narrowed, signaling improved living conditions. The PM KISAN program, introduced in 2018, provides Rs 6,000 annually to small and marginal farmers, benefiting over 11 crore individuals by 2024. A total of Rs 3.46 lakh crore has been dispensed through this initiative, with over 85% of beneficiaries falling into the small and marginal farmers category. The government’s use of Aadhaar and DBT has streamlined fund distribution, curbing corruption and delays.

To date, over Rs 34 lakh crore has been transferred through DBT to more than 1,167 crore beneficiaries, ensuring that welfare funds are disbursed in a timely, transparent, and corruption-free manner. Nationwide, the urban-rural gap in Monthly Per Capita Consumption Expenditure decreased from 84% in 2011-12 to 71% in 2022-23, and further to 70% in 2023-24. In this same period, the estimated average MPCE stands at Rs 4,122 for rural areas and Rs 6,996 for urban regions, excluding the value of items received free through social welfare programs, the factsheet concludes.

Business

RBI Ends Special Dollar-Rupee Swap Window Early Amid Strong Demand

Published

4 days ago

August 15, 2026

Namma Kudla

Mumbai: The Reserve Bank of India (RBI) has decided to close its special forex swap facility for fresh FCNR deposits early.

The facility will now close on August 31, the RBI said on Friday.

The central bank said the decision was taken after receiving an encouraging response. The facility has attracted $52.3 billion through fresh foreign currency deposits.

Banks can continue to undertake swaps with the RBI against FCNR deposits raised under the facility until September 11.

Meanwhile, the schemes for External Commercial Borrowings and Overseas Foreign Currency Borrowings will remain open until December 31, 2026.

The RBI launched the special US dollar-rupee forex swap facility on June 8. It allowed banks to raise fresh three-to-five-year FCNR deposits.

Banks could then swap these deposits with the RBI at a concessional rate. The facility effectively covered the entire hedging cost for banks.

The strong response to the scheme led the RBI to bring the facility to an early close.

Business

Leksa Lighting Technologies Named among India’s Top 100 MSMEs

Published

1 week ago

August 11, 2026

Namma Kudla

Moodbidri: A dream that began in the rural area of Niddodi in Moodbidri has now gained national recognition. Leksa Lighting Technologies Pvt. Ltd., founded by Ronald Sylvan D’Souza, has been recognised as one of India’s Top 100 MSME companies.

The prestigious national recognition was presented by the MSME Udyog Foundation at a ceremony held in New Delhi on August 8, 2026.

Ronald Sylvan D’Souza started his entrepreneurial journey from a humble background. Through hard work, discipline and continuous efforts, he built Leksa Lighting Technologies into a recognised lighting technology company.

The company has focused on quality, technological innovation and indigenous manufacturing. Research and development have also played an important role in its growth.

Leksa Lighting has adopted Japanese work practices to improve its manufacturing and operational standards. The company has also worked towards developing quality lighting solutions in India.

What began as a dream in rural Karnataka has now reached different parts of the country. The company is also making its presence felt in international markets.

Speaking about the recognition, Ronald Sylvan D’Souza said the award was not an individual achievement. He credited the entire Leksa team, customers, business partners, family members and everyone who supported the company.

He said he was proud and happy to see a dream that began in Niddodi and Moodbidri receive recognition at the national level.

The achievement highlights the potential of rural entrepreneurs. It also shows that determination, discipline and consistent hard work can help a business from a rural area achieve success on a national platform.

Leksa Lighting Technologies’ journey stands as an example of how a local dream can grow into a nationally recognised enterprise.

Business

Vehicle Prices to Increase from August 1

Published

3 weeks ago

July 28, 2026

Namma Kudla

New Delhi: Buying a new vehicle is set to become more expensive from August 1, adding to the financial burden on consumers. Several automobile manufacturers have announced a price hike due to rising production costs.

The increase is mainly driven by higher prices of raw materials and components. The cost of steel, aluminium, rubber, plastic, electronic chips, batteries, and spare parts has gone up in recent months. Global market changes caused by ongoing conflicts and inflation have also increased manufacturing expenses.

As a result, vehicle companies have decided to raise the prices of new models. Customers planning to purchase a new vehicle are likely to pay more from August 1.

The price hike is also expected to affect the travel and transport industry. Travel agencies and tour operators say buying new cars, SUVs, and other passenger vehicles will become more expensive.

Operators have already been facing higher expenses due to increased fuel prices and toll charges. With the additional cost of new vehicles, many travel agencies are preparing to revise their rental charges.

The Karnataka Travels Association has indicated that travel fares may be increased to manage the rising operating costs. Passengers may have to pay more for each trip if the revised rates are implemented.

Meanwhile, several automobile manufacturers have already published details of the upcoming price increase on their official websites. Consumers planning to buy a new vehicle may consider making their purchase before the revised prices come into effect on August 1.