Introduction
In a country such as India where agriculture plays an integral part in the economy and provides the livelihoods of millions helping the rural community has always been a top objective for the government. What is known as the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme, introduced in February of this year, has made a significant progress in the direction of this goal. PM-Kisan was a revolutionary initiative that aims to provide directly income-support to farmers across the nation. This article focuses on the main features, objectives, and implications of the PMKisan scheme.
What is PM-Kisan Nidhi?
PM-Kisan scheme is funded by the federal government that provides financial assistance for eligible farmers across India. The main goal of the scheme is to guarantee a steady and predictable income to all landholding farmer's families. The scheme was designed to cater to the financial needs of small and marginal farmers, who often face financial issues.
Key Features of PM-Kisan Nidhi
Direct Income support: Under PM-Kisan's guidelines, eligible farmers will receive an income boost of Rs6,000 annually, which is due in three equal installments of one thousand PMKSNY rupees. This income support is designed at helping farmers meet their expenses related to agriculture and home.
Beneficiary Identification: This scheme is based on the identification and verification the beneficiaries' identities through a comprehensive process. States and union territories are required to provide information about farmers to the central government, and the cash is then transferred directly to the beneficiaries' bank accounts.
Eligibility Criteria To be eligible PM-Kisan, the farmer must own land that can be used for cultivation. It is open to both marginal and small farmers provided that they satisfy the conditions. Land ownership is a crucial determinant of the eligibility.
Mode of Payment: Funds under PM-Kisan are transferred directly to the beneficiary's bank accounts via the Direct Benefit Transfer (DBT) system. This increases transparency and reduces leaks.
Aadhar Seeding: The Aadhar seeding for bank accounts held by beneficiaries is a critical step of the PM-Kisan program, since it assists in identifying genuine recipients and decreases the possibility of fraud.
Transparency and Accountability: The PM-Kisan mobile and web portal allow farmers to assess their eligibility, application status and the payment history. This encourages transparency and accountability when it comes to the implementation of the scheme.
Objectives of PM-Kisan Nidhi
Goals of the PM-Kisan Program: to help reduce the poverty of farmers in particular, particularly marginal and small ones, by providing them with cash-based income support.
Economic Stability: By offering money-based assistance, this program ensures that farmers get an income that is more predictable, which can lead to greater economic stability in their lives.
Capital Investments in Agriculture from PM-Kisan's support can be utilized for a variety of agriculture uses, including buying fertilizers, seeds, and machinery, thereby increasing the agricultural efficiency.
Financial Inclusion: The simple transfer of funds to bank accounts is a way to promote financial inclusion in farmers, many who had previously been unbanked.
Doubling Income for Farmers: PM-Kisan is aligned with the government's aim of doubling farmers' earnings by 2022. The scheme provides a crucial source of income to help farmers achieve this goal.
Impact of PM-Kisan Nidhi
The PM-Kisan scheme has had a major impact on India's farming community:
Economic Relief: The direct income assistance has provided much-needed economic aid to farmers, especially in times of economic turmoil such as the COVID-19 epidemic.
Increased Investment in Agriculture The money received from farmers have facilitated them to invest in modern agriculture practices, resulting in an increase in the productivity of their farms.
Enhanced Financial Inclusion program has facilitated access to financial services by encouraging farmers start bank accounts and eventually become a part of the formal banking system.
Poverty Reduction: PM-Kisan has been instrumental in reducing poverty among farming families, thereby increasing their standard of living.
Political Awareness: This scheme has also raised awareness of politics among farmers because they directly benefit from government support.
Conclusion
The Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme is a highly laudable initiative which seeks to empower farmers in India by offering directly-funded income support. By providing financial assistance to marginal and small-scale farmers PMKisan is a great way to help reduce poverty along with economic stability and greater agricultural efficiency. This scheme does not just provide assistance in the financial realm, but also encourages participation in the financial sector and raises awareness among farmers which ultimately contributes to the development and growth of India's agricultural sector.
In a country such as India where agriculture plays an integral part in the economy and provides the livelihoods of millions helping the rural community has always been a top objective for the government. What is known as the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme, introduced in February of this year, has made a significant progress in the direction of this goal. PM-Kisan was a revolutionary initiative that aims to provide directly income-support to farmers across the nation. This article focuses on the main features, objectives, and implications of the PMKisan scheme.
What is PM-Kisan Nidhi?
PM-Kisan scheme is funded by the federal government that provides financial assistance for eligible farmers across India. The main goal of the scheme is to guarantee a steady and predictable income to all landholding farmer's families. The scheme was designed to cater to the financial needs of small and marginal farmers, who often face financial issues.
Key Features of PM-Kisan Nidhi
Direct Income support: Under PM-Kisan's guidelines, eligible farmers will receive an income boost of Rs6,000 annually, which is due in three equal installments of one thousand PMKSNY rupees. This income support is designed at helping farmers meet their expenses related to agriculture and home.
Beneficiary Identification: This scheme is based on the identification and verification the beneficiaries' identities through a comprehensive process. States and union territories are required to provide information about farmers to the central government, and the cash is then transferred directly to the beneficiaries' bank accounts.
Eligibility Criteria To be eligible PM-Kisan, the farmer must own land that can be used for cultivation. It is open to both marginal and small farmers provided that they satisfy the conditions. Land ownership is a crucial determinant of the eligibility.
Mode of Payment: Funds under PM-Kisan are transferred directly to the beneficiary's bank accounts via the Direct Benefit Transfer (DBT) system. This increases transparency and reduces leaks.
Aadhar Seeding: The Aadhar seeding for bank accounts held by beneficiaries is a critical step of the PM-Kisan program, since it assists in identifying genuine recipients and decreases the possibility of fraud.
Transparency and Accountability: The PM-Kisan mobile and web portal allow farmers to assess their eligibility, application status and the payment history. This encourages transparency and accountability when it comes to the implementation of the scheme.
Objectives of PM-Kisan Nidhi
Goals of the PM-Kisan Program: to help reduce the poverty of farmers in particular, particularly marginal and small ones, by providing them with cash-based income support.
Economic Stability: By offering money-based assistance, this program ensures that farmers get an income that is more predictable, which can lead to greater economic stability in their lives.
Capital Investments in Agriculture from PM-Kisan's support can be utilized for a variety of agriculture uses, including buying fertilizers, seeds, and machinery, thereby increasing the agricultural efficiency.
Financial Inclusion: The simple transfer of funds to bank accounts is a way to promote financial inclusion in farmers, many who had previously been unbanked.
Doubling Income for Farmers: PM-Kisan is aligned with the government's aim of doubling farmers' earnings by 2022. The scheme provides a crucial source of income to help farmers achieve this goal.
Impact of PM-Kisan Nidhi
The PM-Kisan scheme has had a major impact on India's farming community:
Economic Relief: The direct income assistance has provided much-needed economic aid to farmers, especially in times of economic turmoil such as the COVID-19 epidemic.
Increased Investment in Agriculture The money received from farmers have facilitated them to invest in modern agriculture practices, resulting in an increase in the productivity of their farms.
Enhanced Financial Inclusion program has facilitated access to financial services by encouraging farmers start bank accounts and eventually become a part of the formal banking system.
Poverty Reduction: PM-Kisan has been instrumental in reducing poverty among farming families, thereby increasing their standard of living.
Political Awareness: This scheme has also raised awareness of politics among farmers because they directly benefit from government support.
Conclusion
The Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme is a highly laudable initiative which seeks to empower farmers in India by offering directly-funded income support. By providing financial assistance to marginal and small-scale farmers PMKisan is a great way to help reduce poverty along with economic stability and greater agricultural efficiency. This scheme does not just provide assistance in the financial realm, but also encourages participation in the financial sector and raises awareness among farmers which ultimately contributes to the development and growth of India's agricultural sector.