The Pradhan Mantri Kisan Samman Nidhi Yojana (PM-Kisan) completed four years on February 24, 2023. Launched in 2019, the scheme aims to provide direct income support to farmers by transferring Rs. 6,000 annually into their bank accounts. The scheme has been widely hailed as a game-changer for farmers, particularly small and marginal farmers who constitute a significant proportion of the farming community.
Under the PM-Kisan scheme, eligible farmers receive Rs. 2,000 in three equal installments every year. Farmers owning less than two hectares are also covered by the scheme. The funds are directly transferred to the bank accounts of farmers registered under the scheme.
According to the government, more than 12 crore farmers have benefited from the PM-Kisan scheme since its launch. The scheme has provided a significant boost to the income of small and marginal farmers, who often face financial constraints and are vulnerable to market fluctuations and crop failures.
In addition to providing direct income support, the PM-Kisan scheme has also facilitated the integration of farmers into the formal banking system. The scheme has helped to create a database of farmers, which can be used to identify beneficiaries for other government schemes and services. The government has also used the database to implement other initiatives, such as the Kisan Credit Card scheme and the Pradhan Mantri Fasal Bima Yojana.
The PM-Kisan scheme has been widely praised by farmers’ organizations and agricultural experts for its potential to transform the agricultural sector. The scheme has helped to reduce the distress faced by farmers and has provided a stable source of income, which has enabled farmers to invest in their farms and improve their agricultural practices.
The PM-Kisan scheme has also had a positive impact on rural economies. The increased income of farmers has led to increased demand for goods and services, which has boosted the growth of local businesses. The scheme has also helped to reduce rural-urban migration by providing a stable source of income to farmers in rural areas.