Economy: Cabinet Clears Three Big-Ticket Schemes — PM-KISAN Extension, Samudra Manthan & Floating Solar Mission

📅 Category: Economy | Agriculture | Energy | Government Schemes

📌 Keywords

• Direct Benefit Transfer (DBT)
• Offshore Energy Exploration
• Renewable Energy
• Floating Solar (Floating Photovoltaics)
• Public-Private Partnership (PPP)

🎯 Why is this important?

The Union Cabinet has approved three major economic initiatives that strengthen:

• 🌾 Agricultural income support
• 🛢️ Energy security
• ☀️ Renewable energy infrastructure

These schemes are important for JPSC, UPSC and other State PSC examinations from both Prelims and Mains perspectives.

Background

1. PM-KISAN

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) was launched in February 2019.

Objective

Provide direct income support to eligible farmer families.

Key Features

2. India’s Offshore Hydrocarbon Challenge

India imports a large share of its crude oil requirements.

Major Challenges

• High import dependence
• Deepwater exploration is expensive
• Long gestation period
• High exploration risk
• Need for private investment

Earlier reforms include:

• Hydrocarbon Exploration Licensing Policy (HELP)
• Open Acreage Licensing Policy (OALP)

3. Floating Solar (Floating Photovoltaics)

Floating Solar refers to solar panels installed on water bodies such as reservoirs and dams.

Advantages

• Saves valuable land
• Reduces water evaporation
• Improves panel efficiency through natural cooling
• Suitable for reservoir-rich states

Flagship Project: Omkareshwar Floating Solar Park (Madhya Pradesh)

Recent Developments

1️⃣ PM-KISAN Extended till 2030-31

Cabinet Approval

• Extension from 2026-27 to 2030-31
• Total Outlay: ₹3.15 lakh crore

Highlights

• ₹4.47 lakh crore transferred so far
• 23 instalments released
• Nearly one-fourth beneficiaries are women farmers

2️⃣ Samudra Manthan Scheme

Total Outlay

₹84,084 crore

Major Components

• 60 Deepwater Exploration Wells
• Government cost-sharing up to 50% per well
• Offshore geological data acquisition
• Common infrastructure hubs
• Manufacturing & service zones for oil and gas equipment

Target

Unlock more than 600 Million Metric Tonnes of Oil Equivalent (MMTOE).

3️⃣ PM Surya Sarovar Yojana

Total Outlay

₹5,070 crore

Target

Develop 5,000 MW Floating Solar Capacity by 2030-31

Key Features

• Central Financial Assistance up to ₹1 crore per MW
• Mandatory battery storage (minimum 2 hours)
• Better utilisation of reservoirs
• Reduced renewable energy curtailment

Focus

Promotes solar expansion beyond land-intensive states towards reservoir-rich states.

At a Glance

Why Were These Schemes Announced Together?

All three initiatives reflect India’s evolving economic policy based on three complementary approaches:

• DBT-based welfare to improve targeted income support.
• PPP-led investment for capital-intensive infrastructure like offshore energy.
• Innovation-driven renewable energy through floating solar to address land constraints.

Together, these initiatives aim to enhance farmer welfare, energy security, and sustainable infrastructure development.

Prelims Quick Facts

✔ PM-KISAN launched in 2019

✔ PM-KISAN is 100% Centrally Funded

✔ Annual benefit: ₹6,000 per eligible farmer family

✔ Samudra Manthan targets 60 deepwater wells

✔ Government support: Up to 50% exploration cost

✔ Floating Solar target: 5,000 MW by 2030-31

✔ Battery storage requirement: Minimum 2 hours

✔ Omkareshwar is India’s flagship floating solar project.

Mains Value Addition

Question: Discuss how recent Cabinet-approved schemes reflect India’s strategy of combining welfare, energy security, and renewable energy for sustainable economic development.

Keywords to Use

• Direct Benefit Transfer
• Inclusive Growth
• Energy Security
• Renewable Transition
• Public-Private Partnership
• Sustainable Infrastructure
• Climate Resilience
• Green Growth