In a massive boost to the farming and agricultural sector, interim Finance 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.
The government has come up with a Pradhan Mantri Kisan Sammaan Nidhi scheme which will aim to provide the small sized farmers with a 'structured, direct income support' so that they don't fall into the clutches of the money lenders.
"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 installments 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.
The interim FM further said that as many as 12 crore farmer families will benefit from the PM Kisan scheme, and that it would retrospectively applied starting December 1, 2018 and the first installment of the Rs 6000 will be soon transferred to their accounts.
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.