The chief minister also said that the state has approached the Centre to sanction Rs 39,565 crore to help the drought-hit state.
According to a statement issued by the chief minister, the sanctioned amount by the state government will be directly credited to the farmers' bank accounts.
Farmers who depend on irrigation for their crop will get Rs 5,465 per acre while those who depend on seasonal rain will get Rs 3,000 per acre.
Palaniswami said the drought package was announced based on a report, submitted by senior cabinet ministers and bureaucrats who have visited drought-hit areas to assess the damage.
According to a press released issued by the chief minister's office, the report stated that samba crop spread over 50,34,237 acre has failed and advised a compensation package of Rs 2,247 crore for the farmers.
The major chunk will go for farmers who have cultivated paddy to the tune of around Rs 2,049 crore.
Farmers who have cultivated fruits and vegetables on 3.27 lakh acres will get a total of Rs 197 crore, and sericulture will get Rs 1 crore (total 3,658 acres).
"I have also asked the district collectors to submit a report on the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) and soon agriculture labourers will be given work under this scheme," said Palaniswami.
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