Farmers Boost Budget 2019: Small Farmers To Get Rs 6000/Year Direct Cash Transfer Support

| February 1 , 2019 , 13:21 IST

Interim budget 2019 had great news for the farmers as Finance Minister Piyush Goyal announced, "6000 rupees per year for each farmer, in three installments, to be transferred directly to bank accounts of the farmer with less than 2 hectares landholding.”

In order to provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi had been approved.

Speaking on the same, Goyal said, “This will help farmers to live a respectable life”. He further announced that Rs 20,000crore will be added to revised estimates of the previous year.

He further said,” All farmers affected by severe national calamities will get 5% release in interest.”

The much-anticipated move will benefit about 12 crore small and marginal farmers and will come into effect retrospectively from December 1, 2018, and the first installment will be disbursed before the elections.

The scheme will cost the government Rs 75,000 crore per year. Goyal said Rs 20,000 crore has been earmarked for this financial year. Besides the PMKSN scheme, Rs 60,000 crore has also been set aside for rural employment scheme MGNREGA

Pradhan Mantri Kisan Samman Nidhi is a modification of the Rythu Bandhu scheme of the Telangana government, which provides assistance on a per-acre basis (Rs 8,000 per acre per year) without any holding size limit.