PM-Kisan Yojana: Agriculture Ministry to Release First Two Instalments by 30th September

The Agriculture Ministry has been asked to ensure quick release of the first two instalments for this year under Pradhan Mantri Kisan Samman Nidhi Yojana as the Centre looks at measures to increase consumption demand in rural India. It will soon announce new measures to boost the economy.

Under PM-Kisan, farmers will get Rs 6,000 annually in three equal instalments. The Centre has budgeted Rs 75,000 crore for FY 2019-20, but the expenses is estimated at over Rs 87,000 crore with onboarding of around 14.5 crore beneficiary.

A government official said, “We are closely examining the payments and we have asked the agriculture ministry to release 2 instalments by 30 September”.

PM Kisan, which was unveiled in the interim budget 2019, for small & marginal farmers having 2 hectares of land holdings, was expanded subsequently.

Nirmala Sitharaman, Finance minister has issued directions for quick release of claims for cultivators hit by floods sans any evaluation of the farm under PM Fasal Bima Yojana.

The official said, “Where ever standing crops have been damaged by floods, companies have been asked to release funds with carrying out field assessment”.

The finance ministry that has already announced 3 separate packages to improve the economy is pushing for immediate release of funds under this scheme as also to small & medium enterprises from government departments & public sector enterprises.

The official added that the Finance minister is likely to unveil another set of measures to boost the economy, which grew by its slowest pace in 6 years at 5 percent in first quarter FY20, this week.

The latest measures, which is third in the series was announced by Sitharaman on Saturday and it includes creation of Rs. 20,000 crore fund for housing sector & a new WTO compliant tax neutralization scheme.

Earlier, Centre had announced rollback of improved surcharge on foreign portfolio investors, mergers of public sector banks (PSB), opened up foreign direct investment (FDI) in contract manufacturing & eased rules for overseas investors in single brand retail & coal mining.