Rs 17,000 Crore Transferred Into Bank Accounts Of Over 8 Crore Farmers: PM Modi

The amount is the part of the sixth instalment of the 2018 Pradhan Mantri Kisan Samman Nidhi scheme where each farmer receives up to ₹ 6,000 per year as minimum income support.

India   |   9 Aug 2020 7:41 AM GMT / Updated : 2020-08-09T13:13:44+05:30
Writer : Devyani Madaik | Editor : Shubhendu Deshmukh | Creatives : Abhishek M
Rs 17,000 Crore Transferred Into Bank Accounts Of Over 8 Crore Farmers: PM Modi

A transaction of ₹17,100 crores has been initiated into the bank accounts of over 8.5 crore farmers as part of the Pradhan Mantri Kisan Samman Nidhi scheme, Prime Minister Narendra Modi on Sunday confirmed.

The fund has been initiated to boost their earnings of farmers and make them self-reliant under the PM's clarion of Atma-Nirbhar Abhiyan.

The amount is the part of the sixth instalment of the 2018 scheme. Each farmer receives up to ₹6,000 per year as minimum income support under the scheme funded by the Centre.

"No middlemen or commission, it went straight to farmers. I am satisfied because the objective of the scheme is being fulfilled," PM as quoted by The Hindustan Times. The government claims to have provided over ₹ 75,000 crore cash benefit to more than 9.9 crore farmers as part of the scheme.

The PM said that farmers are now exempted from the purview of the mandi and the mandi tax.

On the occasion of Balaram Jayanti, the PM also informed that the government will sanction 1 lakh crore for the Agricultural Infrastructure Fund, a financing facility provided under the new Central Sector scheme.

The duration of the scheme will be 10 years, for fiscal years 2020 - 2029. The money will be provided with a 3 per cent subsidy on interest per year for loans amounting to 2 crores.

"The fund would bring about the creation of post-harvest management infrastructures and community farming assets such as cold storage, collection centres and processing units. These assets will enable farmers to get greater value for their produce, as they will be able to store and sell at higher prices, reduce wastage and increase processing and value addition," read a release by the Prime Minister's Office (PMO).

Beneficiaries of the scheme will include farmers, PACS, Marketing Cooperative Societies, FPOs, SHGs, Joint Liability Groups (JLG), Multipurpose Cooperative Societies, agri-entrepreneurs, startups, and central/state agency or local body sponsored public-private Partnership Projects.

Also Read: Atma Nirbhar Bharat: Defence Ministry To Introduce Ban On 101 Weapon Systems To Boost Self-Reliance

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