Pradhan Mantri Kisan Samman Nidhi Announced in Budget 2019: Rs 6,000 Per Year to be Given as Minimum Income Support To Farmers In Bank Accounts
Piyush Goyal presents Interim Budget 2019-2020 (Image credits: PTI)

New Delhi, February 1: Union Minister Piyush Goyal while tabling the Interim Budget 2019 in the Parliament announced that Central Cabinet had approved a financial help of Rs 6,000 for each farmer per year, who has a landholding less than two hectares. This amount will be credited to 12 crore small and marginal farmers’ bank accounts through direct benefit transfer and is effective from December 1, 2018.

The Union Minister informed that the amount of Rs 6,000 would be credited to the account of the farmers under the Pradhan Mantri Kisan Samman Nidhi. Informing more, he said, “To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved. Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.” Budget 2019 Live News Updates: Defence Budget Enhanced Beyond Rs 3 Lakh Crore, Says Piyush Goyal in Interim Budget.

Adding more, on the number of beneficiaries, Goyal said, “This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore.” The Union Minister also stated that the due to this initiative, farmers living in small villages would be benefited.

Speaking about the implementation of Swaminathan Committee report, Goyal said, “For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops.” He mentioned that the government had taken new steps to tackle the farm crisis in the country.

Goyal said, “Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.” Adding more, he said, “Almost Rs 3 lakh crore of bad debts recovered.”