Interim Finance Minister Piyush Goyal on Friday made a major announcement for farmers ahead of general elections 2019. Much to the expectations, the Union government made massive sops for Farmers. The Interim FM, Piyush Goyal announced a new scheme in the agriculture sector to push the rural development which will entail payment of ₹6,000 annually to each of the 12 crore marginal farmers in the country.
The scheme named – PM KISAN, Pradhan Mantri Kisan Samman Nidhi will involve an annual outlay of ₹75,000 crore, Finance Minister Piyush Goyal said while presenting the interim Budget in the Lok Sabha on Friday. Those farmers who have up to two hectares of land will be eligible to get benefit from the new scheme.
FM Piyush Goyal: This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore https://t.co/TdjD4wkwAi
— ANI (@ANI) February 1, 2019
The payment of ₹6,000 will be paid directly in the bank accounts of the marginal farmers, he said. It will be provided in three equal instalments of ₹2,000 each, with effect from December 1, 2018, Goyal said. The intention is to provide assured income support for small and marginal farmers, he added.
Finance Minister Piyush Goyal Interim Budget Speech also brings relief to the farmers affected by the natural calamities. The farmers affected would be provided with an interest subvention of 2 per cent. Massive announcement for work sector wishes increases in gratuity limit to 20 lakh.
FM Piyush Goyal: Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment pic.twitter.com/X2mLg9KIhC
— ANI (@ANI) February 1, 2019
‘“For the welfare of farmers and for doubling their income, the historic decision has been taken to increase MSP by 1.5 times the production cost for all 22 crops,” the Finance Minister said.
Interim Finance Minister also announced to create separate Department for Fisheries. Goyal said, Animal and Husbandry Fisheries sector needs support has been increased under Rashtriya Gokul Mission. The Rashtriya Kamdhenu Aayog to upgrade the genetic quality of cows, implementation of laws for cows.
FM also announced 2 per cent interest subvention for those engaged in animal husbandry and fishing when loans taken through Kisan Credit Card. To be given subvention of 3% on timely repayment of loan.