Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) was launched in February 2019 by the Government of India with the aim to provide financial support to farmers across the country. Under this scheme, eligible farmers receive a direct income support of Rs. 6,000 per annum directly into their bank accounts. The scheme is one of the largest direct income support schemes in the world with the potential to benefit nearly 145 million farmers in India.
The PM-KISAN scheme is a welcome initiative that has helped to address the financial woes of farmers in India. It provides financial security and stability to farmers, who face numerous challenges in their daily lives such as fluctuating market prices, natural calamities, and uncertainties related to crop yields. The direct transfer of money into their bank accounts is expected to help farmers meet their household needs, buy seeds, fertilizers, and other inputs necessary for farming, and take up activities that will enhance their income.
The scheme is open to all farmers in India, who own or cultivate land up to two hectares. The payment of Rs. 6,000 per annum is made in three equal installments of Rs. 2,000 each, credited directly into the bank accounts of eligible farmers. To receive the payment, farmers are required to register themselves for the scheme either online or at the local panchayat office.
There are several advantages of the PM-KISAN scheme. It not only provides immediate financial relief to farmers but also helps to boost their confidence and motivates them to take up farming activities more seriously. It also promotes financial inclusion by encouraging farmers to open bank accounts and use digital payment methods for financial transactions. Moreover, the scheme is a step towards achieving the goal of doubling farmers’ income by 2022.
However, there are also some challenges that need to be addressed. Ensuring that the payment is made to the right beneficiary is one of the most significant challenges. This requires the creation of an accurate and reliable database of eligible farmers. There is also a need for better infrastructure and support systems that can help farmers increase their productivity and income levels.
In conclusion, PM-KISAN is a significant step towards addressing the financial needs of Indian farmers. The scheme has the potential to provide much-needed relief to farmers and help them overcome the challenges they face. However, there is a need for continuous improvement and innovation to ensure that the scheme is implemented effectively and efficiently, and its benefits are realized by all eligible farmers across the country.