♦ The Union Cabinet decided to merge all Central schemes in the agriculture sector into two new schemes, Pradhan Mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY) on 3 October 2024. With a projected expenditure of Rs.1,01,321.61 crore, the schemes will have a Central share of Rs.69,088.98 crore and the States will have to add the remaining Rs.32,232.63 crore.

♦ PM-RKVY, with an allocation of Rs.57,074.72 crore, is aimed at promoting sustainable agriculture and KY will address food security and agricultural self-sufficiency, with a fund of Rs.44,246.89 crore. Both the schemes will be implemented through State governments. 

Other Cabinet Decisions:

♦ The Cabinet also approved the National Mission on Edible Oils - Oilseeds (NMEO-Oilseeds), for boosting domestic oilseed production and achieving self-reliance in edible oils. The Mission will be implemented over a seven-year period, from 2024-25 to 2030-31, with a financial outlay of Rs.10,103 crore. The newly approved NMEO-Oilseeds will focus on enhancing the production of key primary oilseed crops such as Rapeseed-Mustard, Groundnut, Soybean, Sunflower, and Sesamum, as well as increasing collection and extraction efficiency from secondary sources like Cottonseed, Rice Bran, and Tree Borne Oils. The mission aims to increase primary oilseed production from 39 million tonnes (2022-23) to 69.7 million tonnes by 2030-31.

♦ The Cabinet also approved the signing of a letter of intent enabling India to join the Energy Efficiency Hub. By joining the hub, with 16 countries as members now, India is expected to gain access to a vast network of experts and resources, enabling it to enhance its domestic energy efficiency initiatives.