Good News for the Farmers, 50% Increment in the Installment of PM Kisan Yojana

Nursery Today Desk

New Delhi: A good news is on the way for the farmers. According to a media report, the central government can increase the installment of PM Kisan Samman Nidhi Yojana soon. The proposal has already been sent to PM Office.

According to the website of PM Kisan, Pradhan Mantri Kisan Samman Nidhi (PIV-KISAN) is a Central Sector Scheme. It provides financial support to all the landholding farmers’ families in the country to help them procure various inputs required for agriculture and related activities as well as domestic needs.

The definition of a landholder farmer’s family is mentioned as’ “a family comprising of husband, wife and minor children who own cultivable land as per the land records of the concerned State/UT”. Identification of beneficiaries will be done on the basis of existing land-ownership system.

Under the scheme, presently all landholding farmers’ families were provided the financial benefit of Rs. 60,000 per annum per family in three equal instalments of Rs. 2000 each, every four months. Now, according to the reports, central government can increase the amount of PM Kisan scheme by 50 percent. Accordingly, Rs 6,000 is being received now, which can go up to Rs 9,000. Also, purchase of crops from the farmers by the government on the minimum support price (MSP) will also increase so that the income of the farmers can be increased.

There is no decided date when the installment of PM Kisan will increase but the possibilities are that it may be announced before the assembly elections in some states. These states include Madhya Pradesh, which has 40% share of agriculture in GDP and Rajasthan and Chhattisgarh, which has 27-27% share each. The assembly elections are to be held in November-December. The government can take this big decision on PM Kisan seeing the good number of farmers in these three states.

When it comes to the PM Kisan scheme, the government spent Rs. 48,714 crore in the first fiscal year 2019–20, followed by 60,990 crore in 2020–21, 66,825 crore in 2021–22, 60,000 crore in 2022–23, and 60,000 crore in 2023–24. Each farmer who qualifies for this program receives Rs. 6,000 from the government each year, distributed in three equal installments. Direct benefit transfer is used to deposit a sum of two thousand rupees into each installment recipient’s account.