Interim Budget: To Woo Small Farmers Before Elections, Modi Govt Announces Rs 6,000 Per Year Income Support Effective From Dec 2018
The Pradhan Mantri Kisan Samman Nidhi scheme will benefit farmers who own less than 2 hectares of land, said Finance Minister Piyush Goyal
Finance Minister Piyush Goyal announced in the Interim Budget the Pradhan Mantri Kisan Samman Nidhi scheme to benefit ‘vulnerable” farmers.
Farmers with less than 2 hectares of land, will be benefitted through the scheme, the minister said. A financial assistance of Rs 6,000. will be provided under the scheme.
“Direct benefits will be transferred into bank accounts of beneficiary farmers in three instalments of Rs 2,000 each.”
Rs.75,000 cr will be borne by the central government per year under the scheme, the minister said.
The scheme will come into effect retrospectively from December 2018, and a revised allotment for Rs 20,000 cr has been made for the scheme.
Coming at the heels of the Lok Sabha elections, the retrospective application of the scheme is a clear ploy to placate farmers who have been demanding loan waivers amid the on-going agrarian crisis.