As of August 2021, the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) has provided financial aid to around 11.48 crore farmers across India since its inception in February 2019. The scheme was launched by Prime Minister Narendra Modi to provide financial assistance of Rs 6,000 per year to small and marginal farmers owning less than 2 hectares of land.
Under PM-KISAN, farmers receive Rs 2,000 every four months, directly in their bank accounts, which has enabled them to meet their farming requirements and expenses such as seeds, fertilizers, machinery, and other inputs.
The scheme has not only helped farmers in the agriculture sector, but also contributed to the overall growth of the Indian economy. The scheme puts cash in the hands of farmers, which is likely to boost demand for consumer goods, and thus create a multiplier effect throughout the economy.
Despite its overall success, the scheme has faced some challenges. Currently, unregistered farmers and those who own more than two hectares of land are not eligible for the benefits of the scheme. Many states have also reported delays in the transfer of funds to beneficiaries’ accounts, which has caused frustration among farmers.
To address these issues, the government has taken several measures such as increasing the eligibility limit to Rs 12,000 per year for farmers, launching awareness campaigns, and streamlining the registration process. The government has also taken steps to ensure that the scheme’s regulations are enforced more strictly to ensure that only eligible farmers receive the benefits.
In conclusion, PM-KISAN has emerged as a much-needed initiative for supporting India’s farmers and boosting the agriculture sector’s growth. Although the scheme has made significant progress, it can still be improved to make it more effective and transparent. By working towards these goals, it has the potential to bring about the much-needed transformation in the Indian farming sector.