Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) is a direct benefit transfer (DBT) scheme launched by the Government of India, under the Ministry of Agriculture and Farmers’ Welfare, in February 2019. This scheme aims to provide financial assistance of Rs. 6,000 per year, directly to the bank accounts of small and marginal farmers.
Under this scheme, farmers’ land holdings are identified based on the land records of States/Union Territories (UTs). The farmers who own cultivable land up to 2 hectares are eligible for the scheme. The scheme aims to provide income support to farmers to ensure their financial stability and to promote inclusive growth in the agriculture sector.
The scheme provides financial assistance to farmers in three equal installments of Rs 2,000 each, payable every four months. The first installment is paid from April to July, the second installment from August to November, and the third installment from December to March.
The scheme provides numerous benefits to farmers, including the following:
1. Financial assistance: Farmers will receive an amount of Rs. 6,000 per year, directly into their bank accounts.
2. Income support: The scheme provides income support to farmers, which will help them to take care of their agricultural needs and other household expenses.
3. Easy access to credit: The scheme will help farmers to get easy access to credit and loans from banks and other financial institutions.
4. Increase in income: The scheme aims to increase the income of small and marginal farmers, which will further contribute to the growth of the agricultural sector.
The scheme has been a massive success since its launch. By October 2020, over 9.5 crore farmers had received the benefit of the scheme, with a transfer of Rs. 61,104 crore. In the Union Budget 2021-22, the government announced that an additional Rs. 65,000 crore will be allocated to the scheme to support more farmers.
In conclusion, Pradhan Mantri Kisan Samman Nidhi Yojana is a highly beneficial scheme that provides much-needed financial assistance to small and marginal farmers. The scheme has played a vital role in boosting the agricultural sector and supporting farmers across the country.