The finance minister Piyush Goyal announced an assured income support scheme for small and marginal farmers. To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved by the government of India, the minister announced while presenting the interim budget today.
Under this scheme, farmers with less than 2 hectares of land will be given ₹6,000 per annum towards income support for procurement of inputs. It will be paid in the instalments of ₹2,000 via direct bank transfer. This will greatly help the small and marginal farmers in purchasing farm inputs. This will enable farmers to earn a respectable living, finance minister Piyush Goyal said.
The scheme will come into effect from 1st December 2018. 12 crore small and marginal farmers will be benefited with this scheme. An annual expense of ₹75,000 crore will be borne by the government for this scheme.