The Government on Friday announced Rs 6,000 per year cash support to small and marginal farmers that will cost the exchequer Rs 75,000 crore annually, in a bid to provide relief to the distressed farm sector.
Under the scheme called Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 will be transferred into bank accounts of farmers holding up to 2 hectares of land in three equal instalments.
Announcing the scheme during the Budget speech in Lok Sabha, Finance Minister Piyush Goyal said it will benefit 12 crore farmers and will be implemented from this fiscal itself.
He said Rs 20,000 crore have been provided for current fiscal and also announced allocation of Rs 75,000 crore for the next fiscal.
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