First Cabinet Meeting, Big Move for Farmers and Traders

In first cabinet meeting Prime Minister Narendra Modi extended the PM-KISAN scheme for all framers
NEW DELHI :On Friday evening, PM Narendra Modi cabinet in its first cabinet meeting made a big move for all farmers and traders by extending the PM-KISAN scheme which promises poor farmers of RS 6,000 in three installments per annum and cabinet has also given clearance to pension scheme for traders. These schemes will benefits around 15 crore farmers and 3 crores retail traders and shopkeepers.
These revised schemes have estimated expenditure of RS 87,217.50 crore in 2019-20, but in previous government the earlier version schemes had estimated annual expenditure of RS 75,000 crore.
Under Pradhan Mantri Kisan Samman Kisan Nidhi (PM-KISAN) scheme budget 2019-20 12 crores small and marginal farmer holding cultivated land up to two hectares per year get Rs 6,000 in 3 installments through Direct Bank Transfer. This scheme announced in the budget in February which was starting from December 1, 2018 and the first installment started crediting in farmers accounts from February.
The cabinet also approved a new central sector scheme “ Pradhan Mantri Kisan Pension Yojna” which beneficial for small and marginal farmers across the country.
After cabinet meeting Union Minister of Agriculture announced that “The central government will contribute to the pension fund in equal amount as contributed by the farmers”
According to official data released today, the agriculture sector grew at 2.9 per cent in FY-19 as against the growth rate of 5 per cent in the previous year.
These moves and schemes before a month of the Union Budget shows government’s priority toward the farm sectors and many policy experts also stated that more spending in agriculture would also boost economy and could be growth driven.