As a measure to alleviate the struggles of the agricultural sector in India, the government introduced the Pradhan Mantri Kisan Sanman Nidhi Yojana in 2019. This scheme aims to provide financial assistance to farmers across the country, catering to more than 145 million beneficiaries.
The Pradhan Mantri Kisan Sanman Nidhi Yojana is a direct benefit transfer scheme aimed to offer relief to small and marginal farmers who have less than 2 hectares of land. Under the scheme, farmers receive Rs 6,000 per year, disbursed in three instalments of Rs 2,000 each, every four months. The funds are directly transferred into the beneficiary’s bank account, providing immediate financial support.
The initiative easily became one of the most popular schemes introduced by the government in recent years. The scheme has an ambitious target of doubling the farmers’ income by 2022, and the direct benefit transfer approach ensures that the funds directly reach the intended beneficiaries.
The scheme has a two-fold benefit. It not only provides financial assistance to struggling farmers but also boosts their confidence in the government and helps build trust. With the government taking the initiative to provide immediate relief to farmers, the agricultural community can focus on increasing their yield and productivity.
The Pradhan Mantri Kisan Sanman Nidhi Yojana is beneficial for the entire country. Agriculture contributes to over 16% of India’s Gross Domestic Product (GDP), and the sector employs around half of the population. The scheme has a long-term vision of increasing agricultural productivity and bringing about sustainable development in the country.
However, the scheme is not without its challenges. One of the critical issues is identifying small and marginal farmers who need financial assistance. The initial phase of the scheme saw numerous discrepancies in the selection process, which led to undeserving people receiving benefits. The Government is continually working towards filling the gaps and streamlining the process.
The Pradhan Mantri Kisan Sanman Nidhi Yojana is a crucial step towards the betterment of the Indian agricultural sector. It has boosted the farmers’ confidence, brought immediate relief, and paved the way for developing long-term solutions. While there are hurdles to overcome, the scheme has already shown its extensive reach and impact on improving the humble farmer’s livelihood.