In one of the largest income support schemes in the world, the Narendra Modi led government has paid Rs 18,253 crore to 9.13 crore farmers under PM-KISAN Yojana since March this year. The statistics related to financial support to farmers and rural sector were released by the Ministry of Finance earlier today.
The financial support for farmers was hastened during the lockdown and the installments were paid earlier than the stipulated time. The finance ministry further informed that about three crore farmers with agri loans totaling Rs 4,22,113 crore availed the benefit of the 3-month loan moratorium.
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a Central Sector scheme with 100% funding from Government of India. Under the Scheme, which is effective from December 2018, an income support of Rs.6000/- per year is provided to all farmer families across the country in three equal installments of Rs.2000/- each every four months.
Enhancing Rural Employment
In a bid to promote rural employment through infra projects, support of Rs 4224 cr was provided to states under Rural Infrastructure Development Fund (RIDF) during Mar, 2020. A working capital limit of Rs 6700 cr has already been sanctioned for procurement of agriculture commodities to State Govt entities since Mar, 2020.
In order to lessen the burden on loan borrowers, PSBs have contacted more than 95% of borrowers eligible for emergency credit lines & working capital enhancements between March 20 – May 6. The finance minThe has said that the amount sanctioned jumped to Rs 54,544 crore, more than double the amount 2 days ago. Number of cases covered has more than tripled in the same period.