In the election year, the Central Government lead by BJP has announced soaps to the farmers in India. The Union Budget 2019-20 has been introduced in the Lok Sabha. The highlight of the budget is Pradhan Manthri Kisan Samman Nidhi / Kisan Yojana (PMKY). This is aimed at providing Rs.6000 direct cash transfer to the farmers in the country. Following are highlights of the farmer income support scheme:
Also Read: Union Budget Highlights 2019-20
Rs.6000 per year.
Farmers in the country who own agriculture land of 2 hectars will get Rs.6000 per year as input incentive. This amount will be transfered directly to the bank accounts of eligible farmers. The scheme is aimed at provising finaicial assistance to small and marginal farmers in the country.
3 Phases:
The amount of Rs.6000 under Pradhan Manthri Kisan Yojana / Samman Nidhi will be transferred to the bank accounts of farmers in three phases / installments. It is estimated that about 12 crore farmers families will be benefited from this cash transfer scheme.
Interest Subvention Scheme:
Apart from Pradhan Manthri Kisan Samman Nidhi / Kisan Yojana, Central Government has also announced interest subvention schemes for various category of farmers. Animal husbandry and fisheries farmers will get 2 percent and farmers those hit by natural calamity will get 5 percent interest subvention.