Politics

Modi govt delivers on poll promise, extends PM Kisam Samman Nidhi to all farmers, launches pension scheme for farmers, traders

Updated : May 31, 2019 08:37 PM IST

The Rs 75,000 crore Pradhan Mantri Kisan Samman Siddhi (PMKSS) was announced in the interim budget in February earlier this year.

In its manifesto for 2019 general elections, the BJP had promised to extend the scheme to all farmers.

Prime Minister Narendra Modi extended the National Democratic Alliance’s flagship scheme, Pradhan Mantri Kisan Samman Nidhi, for all farmers across the country.

The PMKSN provides Rs 6,000 annually to farmers in three instalments as an income support scheme.

The move will burden the exchequer with an additional expense of around Rs 12,000 crore. With this, the scheme will now cover 14 crore farmers.

In its manifesto for 2019 general elections, the BJP had promised to extend the scheme to all farmers.

The Rs 75,000 crore Pradhan Mantri Kisan Samman Siddhi (PMKSS) was announced in the interim budget in February earlier this year. Under the scheme, the Modi government decided to provide Rs 6,000 per year (in three equal instalments) to an estimated 12 crore small and marginal farmers holding land up to 2 hectares.

#Cabinet approves extension of PM-Kisan yojana to all farmers. Nearly 14.5 crore farmers to benefit from the scheme. pic.twitter.com/v4zTCCEi4u

— Sitanshu Kar (@DG_PIB) May 31, 2019

Already, 3.11 crore small farmers have so far received the first tranche of Rs 2,000 each under the PM-Kisan scheme and 2.75 crore peasants have got the second instalment as well, as per the official data.

#Cabinet approves a path breaking scheme that will provide pension cover to crores of farmers.The Central Government would spend Rs 10774.5 crores for a period of 3 years.#CabinetDecision pic.twitter.com/xaYfdAtuMS

— Sitanshu Kar (@DG_PIB) May 31, 2019

The Modi governemnt also announced a new Central Sector Scheme, the Pradhan Mantri Kisan Pension Yojana, to provide pension cover to farmers. The scheme is a voluntary and contributory pension scheme for all Small and Marginal Farmers across the country, with entry age of 18 to 40 years with a provision of minimum fixed pension of Rs 3,000 per month on attaining the age of 60 years.

The Central government will contribute to the Pension Fund an equal amount as contributed by the eligible farmer. The government would spend Rs 10,774.5 crores for a period of 3 years.

The scheme aims to cover minimum 5 crore small and marginal farmers in the first three years.

Apart from farmers, the Central governemnt also launched pension scheme for traders to provide universal social security to all shopkeepers, retail traders and self-employed persons a minimum monthly pension of Rs 3000 per month after attaining the age of 60 years.

Under the scheme, all small shopkeepers and self-employed persons as well as the retail traders with GST turnover below Rs 1.5 crore and age between 18-40 years, can enroll for the scheme.

The government will make matching contribution in the subscribers' account.

Pension scheme for traders: 3 crore retails traders and shop keepers to benefit from this move.

#Cabinet clears pension scheme for traders. 3 crore retails traders and shop keepers to benefit from this move.#CabinetDecision @PMOIndia @narendramodi @FinMinIndia pic.twitter.com/UVaEmxtlzi

— Sitanshu Kar (@DG_PIB) May 31, 2019

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

Modi govt delivers on poll promise, extends PM Kisam Samman Nidhi to all farmers, launches pension scheme for farmers, traders

You May Also Like

TVS Motor unveils its first electric two-wheeler with 75 km range; price starts at Rs 1.15 lakh

Bank of Baroda reports net loss of Rs 1,406.9 crore in Q3, misses estimates

Deadly Coronavirus wreak havoc in China, claims 41 lives, nearly 1,300 confirmed cases, 237 critical

Trending on CNBC-TV18

recommended for you