Interim Finance Minister Piyush Goyal on Friday, 1 February, while delivering the Budget speech, said that the government has approved a historic scheme for vulnerable farmers, to ensure their progress.
Under this scheme, the government will provide assured income support for small and marginal farmers under the Pradhan Mantri Kisan Samman Nidhi scheme.
The direct income of Rs 6,000 per year will be transferred directly to the bank accounts of beneficiary farmers in three equal instalments with up to two hectares of land, he said. This will be fully funded by the Central government.
Approximately 12 crore farmers will benefit from this scheme, Goyal added.
The scheme will pave the way for farmers to earn and live a respectable life, he said. Goyal proposed an outlay for Rs 75,000 crore for the scheme for the financial year 2019-20.
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