In his first major action after being sworn in for a third consecutive term, Prime Minister Narendra Modi sanctioned the 17th instalment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme. This decision, made on Monday, involves the distribution of approximately Rs 20,000 crore to benefit 9.3 crore farmers across the country.
Significance of PM-KISAN Scheme
The PM-KISAN scheme, launched in 2019, provides financial assistance to eligible farmers. Under the scheme, farmers receive an annual sum of โน6,000, disbursed in three equal instalments of โน2,000 every four months. These payments are directly deposited into the beneficiaries’ bank accounts, ensuring timely and efficient support.
Commitment to Farmer Welfare
Reflecting on his decision, Prime Minister Modi stated, “Ours is a Government fully committed to Kisan Kalyan. It is therefore fitting that the first file signed on taking charge is related to farmer welfare. We want to keep working even more for the farmers and the agriculture sector in the times to come.”
Background and Impact
The PM-KISAN scheme, though launched in February 2019, was made effective retrospectively from December 2018. It aims to provide income support to all landholding farmer families, helping them meet various agricultural and domestic needs. This central sector scheme has been pivotal in supplementing the financial resources of farmers, ensuring they can procure necessary inputs for agriculture and allied activities.
Budget Allocation for Agriculture
In alignment with the government’s continued focus on agriculture, the Ministry of Agriculture has been allocated a budget of Rs 1.27 lakh crore for the fiscal year 2024-25. This is a slight increase from the current fiscal, as detailed in the Interim Budget documents. A full budget announcement is expected in July 2024, which will likely outline further measures to support the agricultural sector.
Prime Minister Modi’s prompt action in releasing the Kisan Nidhi instalment underscores the government’s priority towards farmer welfare and its ongoing efforts to bolster the agricultural sector.
