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Pradhan Mantri Samman Nidhi Yojana (PMSNY) is an initiative by the Indian government that aims to provide financial support to farmers in India, particularly small and marginal farmers who are often left out of mainstream agricultural financing. The scheme was announced in the Union Budget of 2019 and launched on February 24, 2019, by Prime Minister Narendra Modi.
Under the Pradhan Mantri Samman Nidhi Yojana, eligible farmers receive a financial subsidy of Rs. 6,000 per year, which is paid in three equal installments of Rs. 2,000 each, directly into their bank accounts. The subsidy is aimed to provide farmers with financial stability and security, as well as to encourage them to invest in their farms, equipment, and production.
The scheme is available to all farmers having cultivable land in their name and also includes families who own or work on small landholdings. The scheme also covers tenant farmers, sharecroppers, and other vulnerable groups in rural India. However, the scheme excludes certain categories of beneficiaries, including farmers who pay taxes, as well as those who have a government job.
To become a beneficiary of PMSNY, farmers need to apply to their respective state government agencies or through authorized Common Service Centres (CSCs). The government has also publicized a helpline number for farmers to call and get information on the scheme or to receive any assistance in applying for the scheme. Once a farmer has applied for the scheme and has been approved, the subsidy is credited to their bank account.
The scheme has become immensely popular with farmers in India. As of December 2020, nearly 10 crore farmers have benefitted from the scheme, and the total amount of subsidy disbursed has crossed over Rs. 1,10,000 crore. The government has assured farmers that the scheme will continue indefinitely, and it is expected to benefit more farmers in the coming years.
In conclusion, PMSNY is an ambitious and beneficial scheme that has helped farmers in India by providing financial support and security, particularly to small and marginalized farmers who are often ignored by mainstream financial institutions. This scheme has been instrumental in the growth and development of India’s agricultural sector, and it is expected to continue to be a crucial part of the country’s agricultural policy for years to come.