Prime Minister Narendra Modi, upon being sworn in for his third consecutive term, made his first move by approving the 17th installment of the PM Kisan Nidhi scheme. This decision involves releasing around Rs 20,000 crore to benefit approximately 9.3 crore farmers across the country.
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, which began in 2019, provides annual financial assistance of ₹6,000 to eligible farmers. This amount is distributed in three equal installments of ₹2,000 every four months, directly deposited into the beneficiaries’ bank accounts. The scheme’s objective is to support landholding farmers by helping them meet various agricultural and domestic expenses.
In a statement, Modi emphasized the government’s commitment to farmer welfare. “Ours is a Government fully committed to Kisan Kalyan. It is therefore fitting that the first file signed on taking charge is related to farmer welfare. We want to keep working even more for the farmers and the agriculture sector in the times to come,” he said.
The PM-KISAN scheme was officially launched in February 2019 but has been effective from December 2018. It aims to provide income support to all landholding farmers’ families across India, supplementing their financial needs for agriculture and related activities.
For the fiscal year 2024-25, the government has allocated Rs 1.27 lakh crore to the Ministry of Agriculture, which is slightly higher than the current fiscal year’s budget. This budgetary provision reflects the government’s ongoing commitment to the agricultural sector. The full budget for the year is expected to be announced in July 2024.
With this move, the Modi administration reinforces its focus on improving the livelihood of farmers, highlighting the importance of agriculture in the nation’s development strategy. The timely release of funds under the PM-KISAN scheme aims to provide much-needed support to farmers, ensuring they have the necessary resources for their agricultural activities.