A Day after taking the oath, the new cabinet announced an extension of PM-KISAN scheme to all 14.5 Crore farmers across the country. The announcement was made following the cabinet’s first meeting which was held at Prime Minister’s Office in South Block.

This would essentially mean an extended benefit of Rs. 6000 per year under PM-KISAN scheme to all the farmers in the country. This extension will cost around a total of Rs. 87,000 Crore a year.

In addition to this, A pension scheme worth Rs. 10,000 Crore, which will benefit as many as five Crore farmers, was also announced.

PM-KISAN To Cover All Farmers

“The Union Cabinet has approved to extend the scope of the scheme by including all land holding eligible farmer families under the scheme, subject to the prevalent exclusion criteria,” Agriculture Minister Narendra Tomar,  said post the meeting.

The Pradhan Mantri Kisan Samman Siddhi (PMKSS) that was announced during the interim budget, aimed at providing Rs. 6000 per year (in three equal investments) to an estimated 12.5 Crore small and marginal farmers (holding land up to two hectares).

So far, the first installment has been provided to only 3.11 crore beneficiaries and the second to 2.66 crore beneficiaries as many states did not provide the data of eligible farmers,” Tomar said.

“Now, the revised scheme envisages covering around two crores more farmers, increasing the coverage of the PM-KISAN to around 14.5 crore beneficiaries,” Minister added.

The minister also added that the total burden on ex-chequer will increase by Rs. 12000 Crore to Rs. 87217 Crore for the year 2019-20.

PM: “Pathbreaking” Move

Prime Minister Narendra Modi termed the decision taken by Cabinet as path-breaking, and took to Twitter to express his pride.

People first, people always.

Glad that path-breaking decisions were taken in the Cabinet, the first in this tenure. Hardworking farmers and industrious traders will benefit greatly due to these decisions.

The decisions will enhance dignity and empowerment of several Indians. pic.twitter.com/U9JTXeyoVm

— Narendra Modi (@narendramodi) May 31, 2019

The Pradhan Mantri Kisan Pension Scheme

The Cabinet also approved the Pradhan Mantri Kisna Pension Yojana which ensures a minimum fixed pension of Rs. 3000 per person, to small and marginal farmers after the age of 60.

“In the initial phase, the government will cover a minimum of five crore small and marginal farmers in the first three years,” he said, adding this would cost the exchequer Rs 10,774.5 crore per annum.

“This scheme is a voluntary and contributory pension scheme for small and marginal farmers across the country, with the entry age of 18-40 years,” he said.

With the spouse of the subscriber being entitled to 50% of pension benefits even after the death of the beneficiary, Centre has promised that it will match the contribution made by eligible farmers towards the pension fund.

Pension Scheme For Traders

A decision on similar lines was taken in favor of shopkeepers, retail traders and self-employed person.

The government approved a scheme that ensures a minimum monthly pension of Rs. 3000 after attaining the age of 60. This decision will benefit more than three crore retail traders and shopkeepers.

“All shopkeepers and self-employed persons, as well as retail traders with GST turnover below Rs 1.5 crore and aged between 18-40 years, can enroll for the scheme,” an official statement said.

Also Read: PM Modi Launches PM-KISAN Scheme, Rs 2,000 Transferred To Over 1 Crore Farmers