Prime Minister Narendra Modi is all set to formally launch the Pradhan Mantri Kisan Samman Nidhi scheme from Gorakhpur on February 24.
The Pradhan Mantri Kisan Samman Nidhi scheme was announced by Piyush Goyal during the 2019 Interim Union Budget on 1 February 2019.
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Under this scheme, small and marginal Indian farmers who have less than 2 hectares of landholding will get up to Rs 6,000 per year as minimum income support. The amount will be deposited directly to the bank accounts of farmers in three installments.
Once the prime minister formally launches the scheme in Gorakhpur on Feb 24, first instalment of Rs. two thousand in the bank account of around 1 crore beneficiary farmers same day.
According to reports, around 25 million farmers are likely to get the first instalment in their account by March 31.
The Pradhan Mantri Kisan Samman Nidhi scheme is likely to cost Union government Rs 75,000 crore per annum.