Exclusive: Govt Plans to increase PM-KISAN scheme amount to ₹8,000 – Details Inside!

In a groundbreaking move set to significantly impact the agricultural landscape of the country, the Indian government is deliberating a substantial raise in the allocation per farmer under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana. Reliable sources have disclosed to CNBC-TV18 that the government is considering elevating the annual allocation from the existing ₹6,000 to a substantial ₹8,000 per farmer.

The PM-KISAN scheme, a central sector initiative, has been instrumental in providing crucial income support to the families of landholding farmers across the nation. With the proposed increase in the allocation, the government aims to further bolster this support, acknowledging the vital role farmers play in sustaining the country’s agricultural sector.

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Sources privy to these developments have hinted at an imminent decision, likely to be made public soon. This move is anticipated to inject a much-needed financial boost into the agrarian economy, potentially empowering farmers and enhancing their livelihoods.

Furthermore, this isn’t the sole enhancement under consideration. The government is also contemplating an upliftment in the provisions of the PM Garib Kalyan Anna Yojana. This particular scheme involves providing 5 kilograms of food grains per person per month, supplementing the regular monthly distribution as per the National Food Security Act (NFSA).

The timing of this potential increase in PM-KISAN scheme allocations coincides with the expected release of the 16th instalment between February 2024 and March 2024. However, despite these strong indications, there hasn’t been any official confirmation regarding the release date.

In addition to these developments, the government is exploring various avenues to extend additional support measures not only for farmers but also for the underprivileged, youth, women, and Micro, Small, and Medium Enterprises (MSMEs) in the upcoming interim budget of 2024. This reflects a concerted effort to address multiple sectors and bolster the nation’s economy at various levels.

It’s important to note that the Finance Minister recently reiterated that the forthcoming budget is likely to function as a “vote on account,” aligning with Article 116 of the Indian Constitution. This indicates an interim grant from the Consolidated Fund of India to cover short-term expenditure needs until the new financial year commences.

While the interim budget traditionally refrains from unveiling major policy decisions, it serves as a crucial stopgap measure until a new government assumes office, holding the responsibility for presenting a comprehensive budget with substantial policy decisions.

In summary, the proposed increase in the PM-KISAN scheme allocation and potential enhancements in other welfare initiatives signify a pivotal step towards strengthening the support system for farmers and marginalized sections of society. The impending budget holds promise for numerous sectors, setting the stage for a more inclusive and supportive framework for India’s diverse economic landscape.