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As you may know An Indian government scheme called Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) offers financial support to small and marginal farmers. A direct income support of INR 6,000 per year, paid in three equal instalments, is provided to qualified farmers under the programme. The scheme was introduced by the Indian government in 2019 with the aim of helping small and marginal farmers with their financial needs and raising their level of living. Farmers can apply for rewards through their state governments since the programme is now being implemented across the nation. but in the upcoming union budget it gonna be changing this year.
An increase of Rs 2,000 per farmer will result in an annual cost increase to the government of almost Rs 22,000 crore.
Union Budget: Despite the budget’s emphasis on macroeconomic stability, the Centre may increase the income support provided to farmers under the PM-KISAN plan to Rs 8,000 from Rs 6,000/year in the forthcoming Budget.
According to individuals who spoke to FE, the increase in the PM-KISAN sum could last for a year and then be revisited.
According to a representative, “The rise in PM-Kisan quantity may improve consumption and rural demand.” The government’s emphasis on reducing revenue expenditure and inflationary pressures may limit the increase, the official added, despite recommendations to double the amount.
An increase of Rs 2,000 per farmer will result in an annual cost to the government of an additional Rs 22,000 crore.
No matter how much land a farmer owns, under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) programme, which was introduced in February 2019, Rs 6000 is annually transferred to their direct benefit transfer (DBT)-linked bank account in three equal instalments. From 31 million at the start of the programme, there are now 110 million beneficiaries.
More than Rs 2 trillion in financial aid has been given to needy farmers over the course of more than 3 years through the PM-KISAN scheme, which helped farmers deal with financial hardship amid the lockdown brought on by the Covid epidemic in 2020. For the current fiscal year, the government has allotted PM-Kisan Rs 68,000 crore.
The International Food Policy Research Institute’s effect evaluation found that PM-KISAN significantly reduced the financial difficulties farmers faced while purchasing agricultural inputs, food for daily consumption, healthcare, education, and other incidental expenses.
Ramesh Chand, a member of Niti Aayog, told FE last month that the government should turn the PM-KISAN programme into a Universal Basic Income (UBI) scheme at the appropriate time so that it covers other vulnerable groups including farm labourers, construction workers, and non-farm labourers. Later on, he had suggested, other subsidies might be incorporated into UBI.
A paper commissioned by the Economic Advisory Council to the Prime Minister (EAC-PM) and the Economic Survey for 2016–17, both of which were written by Arvind Subramanian, the former chief economic adviser, both supported UBI.
The quality of expenditure improved after the pandemic-hit FY21, which witnessed an increase in the revenue expenditure to GDP ratio; the capex to GDP ratio progressively increased from 1.7% of GDP in FY20 to 2.9% of GDP in FY23. Due to increasing spending on food and fertiliser subsidies, revenue expenditure increased significantly from 11.7% of GDP in FY20 to 15.6% in FY21, decreased to 13.5% in FY22, and is expected to be around 12.8% in FY23 (vs. the budget objective of 12.4%).
FAQs related PM KISAN
Q.How can I check my Kisan registration status?
Ans:The official website for the PM Kisan Yojana can be found at pmkisan.gov.in. On the front page, look for the “Farmers Corner.” In that section, you should select “Beneficiary Status.” The page that follows this one will redirect you to one labelled “Beneficiaries list under PMKisan.”
Q.When PM Kisan 13th installment date?
Ans:The release date had been anticipated for a while. As is well known, the Indian government introduced the PM Kisan Yojana in 2018. and the 13th PM Kisan instalment will be released in mid- to late-February or early-March.