Keeping up the poll promise, Prime Minister Narendra Modi, who elected for second straight term, has decided to extend the PM-KISAN scheme to all the farmers in India on his first-day at office. Definitely, it's a big gift to the farmers of India by PM Modi, who had sent signals that he'll set his major focus on Agriculture sector. The big decision in this regard was taken in new cabinet's first meeting on Friday evening.
Union Minister Prakash Jawadekar has briefed about this big decision to media, after cabinet ministers meet. When the PM-Kisan (Pradhan Mantri Kisan Samman Nidhi) scheme was first announced during Interim Budget 2019-20, it was confined to only small and marginal farmers with cultivable land less than 5 acres. Under this scheme, the farmer holding less than five acres will get Rs 6000 to their bank accounts, in three installments, annually.
Around 14.5 Crore farmers in the country will be benefitted with the extended version of scheme. Also, Goyal informed media that Economic Survey will be released on July 4 and FY20 budget on 5th July.
The revised scheme an estimated to cost an expenditure of Rs 87,217.50 crore in 2019-20. PM Modi also cleared pension scheme (3000 per month) for small shopkeepers and traders with turnover below 1.5 Crore. There will be around 3 Crore beneficiaries with this scheme.