"As part of our commitment to farmers, in our first cabinet meeting, the target of KALIA beneficiaries has been increased to 75 lakh farm families," said the Chief Minister.
He said this was 33 lakh more than the existing 42 lakh families.
Patnaik was earlier on Wednesday sworn in as Chief Minister for a record fifth time in a row.
In the previous government, Patnaik had launched the Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme with an aim to benefit about 92 per cent of the farmers in the state.
It would provide financial, livelihood and cultivation support to small, marginal and landless farmers.
"Fund release starts from today with immediate effect and about 25 lakh additional families will be assisted in a week time," said the Chief Minister.
The cabinet also approved a proposal to provide Rs 1,000 crore worth of government business to women self help groups (SHGs) through Mission Shakti.
"Forty different types of activities such as paddy procurement, uniforms for children, hospital diet and mosquito nets and mid day meal will be part of this in the first phase," informed Patnaik.
"With these two resolutions, the promise I had made about KALIA and Mission Shakti to be implemented on the day we assume office is honoured," he added.
Prior to the cabinet meeting, the council of Ministers approved in principle the BJD manifesto as the government's priority.
"I know some of the promises take time. I want the Ministers to put their best efforts in this regard," said Patnaik.
( With inputs from IANS )