New Delhi: With a view to woo the farmers ahead of the Lok Sabha elections, Union Finance Minister Piyush Goyal in his Budget speech on Friday announced that small and medium farmers will get Rs 6,000 per year under Pradhan Mantri Samman Nidhi yojana.
“To provide an assured income support to the small and marginal farmers, our Government is launching a historic programme namely “Pradhan Mantri KIsan Samman Nidhi (PM-KISAN)” Under this programme, vulnerable landholding farmer families, having cultivable land upto 2 hectares, will be provided direct income support at the rate of Rs 6,000 per year,” Goyal said in his budget speech in Lok Sabha.
This income support will be transferred directly into the bank accounts of beneficiary farmers, in three equal instalments of Rs 2,000 each, the Finance Minister added saying the programme will be funded by the Government of India.
Around 12 crore small and marginal farmer families are expected to benefit from new sheme, he claimed.
The PM-KISAN would be made effective from 1st December 2018 and the first instalment for the period upto 31st March 2019 would be paid during this year itself.
The Finance Minister also proposed an outlay of Rs. 75,000 crore for PM-KISAN for the financial year 2019-20.