Prime Minister Narendra Modi on June10, signed the release of the 17th instalment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN Nidhi) scheme. The move will benefit more than 93 million farmers by disbursing more than Rs 20,000 crore. 16th Installment of PM KISAN scheme was released on 28th February 2024.
What is PM-KISAN Nidhi?
PM-KISAN Nidhi is a central government scheme launched in December 2018 to support the income of farmers by providing an annual financial assistance of Rs 6,000. The money is given in three equal instalments of Rs 2,000 every four months directly into the beneficiaries bank accounts through Direct Benefit Transfer. More than 93 million farmers had received Rs 2000 as the 16th instalment of PM Kisan Yojana.
Objectives of PM Kisan Nidhi
The PM-KISAN scheme was developed with several key objectives aimed at transforming the agricultural sector in India:
- Income Support: To provide assured and timely income support to small and marginal farmers, thereby enhancing their livelihood.
- Poverty Reduction: To relieve the financial burden on farmers, reducing poverty and economic distress among the farming community.
- Agricultural Growth: To promote agricultural productivity by allowing farmers to invest in necessary agricultural inputs such as seeds, fertilizers, and equipment.
- Economic Stability: To ensure economic stability and resilience among farmers, reducing their dependence on informal sources of credit.
Features of PM Kisan Nidhi
The PM-KISAN scheme boasts several notable features designed to ensure its effective implementation and reach:
- Direct Benefit Transfer (DBT): The scheme ensures that funds are directly transferred to the beneficiaries’ bank accounts, minimizing leakages and ensuring transparency in the process.
- Universal Coverage: Initially limited to small and marginal farmers, the scheme now covers all farmers, based on landholding size, expanding its reach and impact.
- Digital Platform: An online portal facilitates easy registration, status checks, and grievance redressal, making the scheme accessible to all farmers.
- Aadhaar Linkage: Mandatory Aadhaar linkage prevents duplication and ensures accurate beneficiary identification, enhancing the scheme’s effectiveness.