Prime Minister Modi to release 8th installment of financial benefit under PM-KISAN today


PM Modi on May 14, 2021, released the 8th installment of the financial benefit under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) via video conferencing.

According to a release by Prime Minister’s Office, this will further enable the transfer of more than Rs. 19,000 crores to more than 9.5 crores beneficiary farmer families under the scheme.

PM Modi interacted with the farmer-beneficiaries during the virtual event and Union Minister of Agriculture Narendra Singh Tomar was also present on the occasion.

PM-KISAN initiative was first announced during the interim Union Budget on February 1, 2019, and it came into effect from December 2019.

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana: Key details

•  Under the government’s scheme, a financial benefit of Rs. 6000 per year is given to the eligible beneficiary farmer families.

•  The amount is payable to the beneficiaries in three equal four monthly installments of Rs. 2000 each.

•  The fund from the scheme is transferred directly to the bank accounts of the beneficiaries.

•  In this welfare scheme, the amount of over Rs. 1.15 crores have been transferred to the families of the farmers so far.

What is the objective of the scheme?

•  The Pradhan Mantri Kisan Samman Nidhi Yojana was launched by the Central Government to augment the income of the Small and Marginal Farmers (SMF).

•  The scheme aims to supplement the financial needs of the Small and Marginal Farmers- SMF in procuring various inputs that will ensure proper crop health.

•  The scheme also protects the farmers from falling into the traps of moneylenders to meet their expenses and to ensure the continuance in the farming activities.

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