"It has been decided that in 5 years, Rs 50,000 crore from the central Budget would be utilised for the Pradhan Mantri Krishi Sinchai Yojana. States' share will be over and above this," Finance Minister Arun Jaitley said while communicating the Cabinet decision.
He further said: "This can also be utilised to help the material component in MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act)."
The decision was taken at the meeting of Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi yesterday.
For the current fiscal, he said the allocation is Rs 5,300 crore.
The spending this year is expected to bring an additional 6 lakh hectares under irrigation while 5 lakh hectares will benefit from drip irrigation. That apart, 1,300 watershed projects have been marked for completion.
Currently, 142 million hectares are used for cultivation, of which only 45 per cent farm land is under irrigation.
"The major objective of the PMKSY is to achieve convergence of investments in irrigation at the field level, expand cultivable area under assured irrigation (har khet ko pani), improve on-farm water use efficiency to reduce wastage of water, enhance adoption of precision-irrigation and other water-saving technologies (more crop per drop)," he said.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.