Government Scheme of the day : Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)

Government Scheme of the day

Pradhan Mantri Kisan Samman Nidhi (PMKSN, Prime Minister’s Farmer’s Tribute Fund) is an initiative by the government of India in which all farmers will get up to 6,000 (US$84) per year as minimum income support. The initiative was to be announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019. The scheme will cost 75,000 crore (US$11 billion) per annum and will come in effect from December 2019.

6,000 per year will be paid to each eligible farmer in three instalments and will be deposited directly to their bank accounts.

The scheme was first conceived and implemented by Govt of Telangana as the Rythu Bandhu scheme, where a certain amount is given directly to eligible farmers. The scheme has received accoladesfrom various organisations for its successful implementation, including World Bank. Many economist suggest that this type of investment support is better than farm loan waivers. With the positive outcome of this scheme, Govt of India wanted to implement it as nationwide project and it was announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019.

Objectives

1. With a view to augment the income of the Small and Marginal Farmers (SMFs), the Government has launched a new Central Sector Scheme, namely, “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)” in the current financial year.
2. The Pradhan Mantri Kisan Samman Nidhi scheme aims to supplement the financial needs of the SMFs in procuring various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm income at the end of the each crop cycle.
3. This would also protect them from falling in the clutches of moneylenders for meeting such expenses and ensure their continuance in the farming activities.

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