Government can increase the support amount under this PM Kisan When Finance Minister Nirmala Sitharaman presents the Budget 2023-24 on February 1, 2023, the scheme becomes Rs 8,000 from the current Rs 6,000. financial expressway Reported. This means that the Union Budget may provide an additional installment under the Pradhan Mantri Kisan Samman Nidhi to make the total payment of Rs 8,000 per farmer per year.
The move is aimed at boosting consumption and providing some relief to farmers in India against persistently high levels of inflation.
An increase of Rs 2,000 in the annual amount will result in an annual additional cost of about Rs 22,000 crore to the exchequer. It has been said in the report that the increase in PM Kisan amount can be for one year and after that it can be reviewed.
The report quoted the report as saying, “The Center may increase farmers under the PM-Kisan scheme from Rs 6,000 to Rs 8,000 annually in the upcoming budget, as it seeks to boost consumption despite the budgetary focus on macroeconomic stability.” does.” a government official said.
PM Kisan Yojana is a central scheme to meet the financial needs of the land cultivators. Financial benefits of Rs 6,000 per year are transferred to the bank accounts of farmer families through Direct Benefit Transfer. Certain categories of high economic status have been excluded from the scheme. The scheme, launched on February 24, 2019, is one of the largest DBT schemes in the world.
According to a study conducted in collaboration with ICAR, the International Food Policy Research Institute (IFPRI) found that the scheme has helped farmers overcome the liquidity crunch to buy agricultural inputs. The study states that for small and marginal farmers, this has not only helped them meet the money requirement for farm inputs, but also for their daily consumption, education, health and other incidental expenses .
See Also: How to Check PM Kisan Beneficiary List?
