The government may increase the support amount under the PM Kisan scheme to Rs 8,000 from the current Rs 6,000 a year when Finance Minister Nirmala Sitharaman presents the Budget 2023-24 on February 1, 2023, The Financial Expressway reported. This means that the Union Budget may provide one additional installment under the Pradhan Mantri Kisan Samman Nidhi to make total payment of Rs 8,000 per year per farmer.
The move is aimed at boosting consumption and providing farmers in India some cushion against persistently high levels of inflation.
The industry has already raised a demand about this in its wish list for Budget 2023-24. Farmers should be given more amount under the PM-Kisan programme so that they can buy adequate quantity of crop inputs like seeds, fertilisers and pesticides, says agrochemical firm Dhanuka Group Chairman R G Agarwal.
The increase of Rs 2,000 in annual amount would cost the exchequer an annual additional cost of around Rs 22,000 crore. The increase in the PM Kisan amount could be for a year, and it may be reviewed thereafter, the report added.
“The Centre may enhance the income support to farmers under PM-KISAN scheme to `8,000 from Rs 6,000 a year in the upcoming Budget as it seeks to provide a modicum of consumption booster, despite the budgetary focus on macroeconomic stability,” the report quoting a government official said.
The PM Kisan Scheme is a Central scheme to supplement financial needs of land holding farmers. Financial benefit of Rs 6,000 per year is transferred into the bank accounts of farmer families through direct benefit transfer. Certain categories of higher economic status are excluded from the scheme. This scheme, which was launched on February 24, 2019, is one of the largest DBT schemes in the world.
According to a study conducted in association with ICAR, the International Food Policy Research Institute (IFPRI) found that the scheme has enabled greatly in addressing the liquidity constraints of farmers for buying agricultural inputs. For the small and marginal farmers, it has not only helped them to meet their requirement of funds for farm inputs, but also for their daily consumption, education, health and other incidental expenses, the study said.
See also: How to check PM Kisan beneficiary list?
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
Related Posts
Govt may release 13th PM Kisan installment by Feb 27.
PM Kisan 16th instalment status check.
PM Kisan next installment: 12th installment may be released by September 1.
How to view your name in PM Kisan beneficiary list?.
Govt names new food security scheme Pradhan Mantri Garib Kalyan Ann Yojana.
Budget 2023: PAN to be single business ID.
