After making big announcements in favour of the farmers at the interim budget, the Modi-government in a few days has launched the income support scheme 'Pradhan Mantri Kisan Samman Nidhi'(PM-KISAN)
The initiative is undertaken to augment the income of small and marginal farmers.
Under the scheme, small and marginal farmer families holding up to 2 hectares will get a financial benefit of Rs. 6000 per year. This will be provided in equal three instalments each in a period of every four months in a financial year.
The benefit shall be transferred by Government of India to the bank account of the beneficiaries through State Notional Account.
In a massive boost to the farming and agricultural sector, Union Minister Piyush Goyal on Friday, during his budget speech, announced that the farmers who own up to two hectares of land will be directly provided with an income of Rs 6000 every year.
"All those vulnerable and small farmers, who have less than two hectares of land, the government has decided that they will be provided income support of Rs 6000 per year," Piyush Goyal said.
He also mentioned that the amount of Rs 6000 shall be transferred in the accounts of the farmer, in instalments of Rs 2000 each before adding that the total cost of this scheme is projected at Rs 75,000 crore which the Central government will completely fund.
Further, Piyush Goyal also said that PM Kisan scheme isn't limited to income support. It will help the farmer earn and live a respectable living, he added. The interim FM then highlighted the efforts by his government to grow the agricultural sector by mentioning the schemes which have already been launched.
Also, he also announced 2 per cent interest subvention to farmers pursuing animal husbandry and fisheries, and all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment of crop loans.