PM Kisan Samman Nidhi Yojana (PM-KISAN) is a scheme launched by the Indian government in 2019 as an effort to provide income support to small and marginal farmers in the country. The scheme is aimed at providing financial assistance to farmers who have cultivable land up to two hectares.
Under this scheme, farmers are provided with income support of Rs. 6,000 per year, payable in three equal instalments of Rs. 2,000 each, directly to their bank accounts. The scheme was announced by the Finance Minister in the interim budget of 2019.
The aim of the scheme is to provide financial assistance to farmers to help them with their agricultural expenses and enable them to invest in modern tools and equipment. It is also aimed at helping farmers cope with the financial burden of agricultural loans and debt.
As of now, the scheme has benefitted over 10 crore farmers across the country and has disbursed over Rs. 70,000 crore in financial assistance. In addition, the scheme has helped farmers in over 28 states of the country.
The PM-KISAN scheme has also been beneficial in reducing the economic stress on farmers, who have been struggling with low prices for agricultural produce and multiple weather-related challenges. The scheme has helped farmers to cope with the financial challenges of crop failure, and natural disasters and has provided them with a stable income source.
In addition, the scheme has also helped to reduce the gap between the farm and non-farm sectors in India. The scheme has been instrumental in providing financial assistance to farmers to invest in modern equipment and techniques to improve their crop yield.
Overall, the PM-KISAN scheme has been a game-changer for the Indian agriculture industry. The scheme has provided much-needed financial assistance to small and marginal farmers and has helped them to cope with the financial challenges of crop failure and natural disasters. The scheme is undoubtedly a major boost to the Indian agriculture industry and has contributed to India’s overall economic growth.