PM Modi Approves Funds for Farmers
The Government has decided to pay Rs 87,000 crore to 15 crore farmers over the next year under new PM-KISAN scheme. The farmers will receive Rs 6,000 per year in three installments annually.
PM Narendra Modi in his first cabinet meeting has made big moves to help the farmers and traders. The cabinet has decided to extend the PM-KISAN (Pradhan Mantri Kisan Pension Yojana) scheme. The scheme promises farmers an annual payout of Rs 6,000 in three instalments. These will be transferred via direct bank transfers. This decision will help nearly 15 crore farmers all over India. The Cabinet has also announced a pension scheme for traders. Three crore retail traders and shopkeepers will benefit from this scheme.
The revised scheme will cost an estimated Rs 87,217 crore for the year 2019-2020, previous estimate had put the amount at Rs 75,000.The original scheme was for around 12 crore farmers with upto two hectares of land. Now it will include all farmers even if they have more than two hectares of land. They also announced a pension fund where the central government would contribute equal amounts into a pension account set up by the farmer. If the farmer put Rs 500 into the account the government would also put Rs 500 into the account.
These decisions are expected to address the problems of the farmers in rural areas. Agriculture is the One of the key contributors to the growth of the country. As per official data released the agriculture sector grew 2.9% in the financial year of 2019. Whereas in the previous year it increased by 5%.
