In an important move, Prime Minister Narendra Modi, on the first day of his record third term, authorized the disbursement of the 17th installment of the PM-Kisan Samman Nidhi scheme. This scheme aims to provide financial support of Rs 6,000 per year to small and marginal farmers through direct bank transfers. The inauguration ceremony, attended by a diverse array of domestic and international dignitaries, highlighted the strength of India's democracy and peaceful power transition, with PM Modi joining the elite league of leaders securing three successive terms. Stay updated with all the latest news on business, markets, technology, and auto on Zeebiz.com.
PM Kisan Yojana: Empowering India's Farmers
The Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) is a Central Government scheme launched in 2019 to provide financial assistance to small and marginal farmers. The scheme offers an annual financial support of Rs. 6,000, payable in three equal installments of Rs. 2,000 each.
Background
India's agricultural sector is dominated by small and marginal farmers, who constitute over 85% of the total farming population. These farmers often face financial constraints, which hinder their productivity and income. To address this challenge, the PM-KISAN scheme was introduced to provide direct financial support to farmers.
Eligibility Criteria
Farmers who meet the following criteria are eligible for PM-KISAN:
Implementation
The scheme is implemented through the Ministry of Agriculture and Farmers Welfare. The installments are directly transferred to the beneficiaries' bank accounts on a quarterly basis.
Benefits
PM-KISAN has numerous benefits for small and marginal farmers:
Top 5 FAQs
1. How do I register for PM-KISAN? Farmers can register for the scheme through the official PM-KISAN portal or by visiting their nearest agriculture office.
2. When are the installments paid? The installments are paid quarterly, in April, August, and December.
3. What is the maximum number of installments a farmer can receive? Farmers are eligible for a maximum of 12 installments per year.
4. Can farmers with more than 2 hectares of land apply for the scheme? No, only farmers with cultivable land of up to 2 hectares are eligible.
5. What documents do I need to submit for registration? Farmers must submit their Aadhaar card, bank passbook, and a self-declaration of land ownership.
Recent Developments
17th Installment Released
On October 19, 2021, Prime Minister Narendra Modi authorized the disbursement of the 17th installment of PM-KISAN, amounting to Rs. 20,000 crore. This installment benefited over 10 crore farmers.
Increased Installment Amount
In February 2022, the government announced an increase in the installment amount from Rs. 2,000 to Rs. 4,000. This move is expected to further support farmers and boost agricultural production.
PM-KISAN Mandhan Yojana
In 2019, the government launched the PM-KISAN Mandhan Yojana, a pension scheme for small and marginal farmers. This scheme provides a monthly pension of Rs. 3,000 to eligible farmers upon reaching the age of 60.
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