To extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land upto 2 hectares a new scheme namely "Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)" is announced.
- Pradhan Mantri Kisan Samman Nidhi is an initiative by Government of India in which 120 million small and marginal Indian farmers who have less than 2 hectares (4.9 acres) of landholding will get upto ₹6,000 per year as minimum income support. The scheme will cost ₹75,000 crore per annum and will come in effect from December 2018
- Under this Government of India funded Scheme, Rs.2,000 each will be transferred to the bank accounts of around 12 crore Small and Marginal farmer families, in three equal installments. This programme would be made effective from 1st December 2018 and the first installment for the period upto31st March 2019 would be paid during this year itself.
- The scheme was announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019.
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