PM Kisan Samman Nidhi Yojana: Will Centre Hike Installment Amount To Rs 12,000 Per Year?

PM Kisan Samman Nidhi Yojana: Putting an end to the media reports about the speculated hike in installment amount, Union Agriculture Minister Arjun Munda said there is no such proposal under consideration,

PM Kisan Samman Nidhi Yojana: As the date is nearing for the 16th installment of PM Kisan Yojana to be released, there is a lot of buzz happening on social media about the expected hike in the scheme. Several reports suggested that the Central government might hike the annual financial assistance given to farmers from Rs 6,000 year to Rs 12,000 per year.

Putting an end to the media speculations, the Central government informed the Parliament that it has no proposal to increase the financial benefit to farmers. Giving details, Union Agriculture Minister Arjun Munda said in a written reply to Lok Sabha said that there is no proposal under consideration to increase the amount even for women farmers under the scheme.

“No proposal is under consideration,” he said in reply to question if the government plans to increase the amount to Rs 8,000-12,000 per year.

Talking about the progress made under the PM Kisan Yojana, the minister said the Centre has disbursed over Rs 2.81 lakh crore to more than 11 crore farmers in 15 instalments so far. He further added that in Uttar Pradesh, 2,62,45,829 farmers have received the benefit of PM-KISAN since inception of the scheme.

The beneficiary farmers must note that the 15th Installment of PM Kisan Yojana was released in November 2023. PM Modi released the 15th tranche of around Rs 18,000 crore under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) to eligible farmers.

What is PM Kisan Yojana

A central scheme, the PM Kisan Yojana was launched by PM Modi in 2019 and the scheme aims to provide financial support to all landholder farmer families across the country with cultivable land, subject to certain exclusions.

As part of the scheme, an amount of Rs 6000 per year is released in three monthly instalments of Rs 2000 each directly into the bank accounts of the beneficiaries.

It is expected that the Central government will release the 16th instalment of the PM-KISAN scheme between February 2024 and March 2024. However, there is no official announcement made on this so far.

Budget 2024 Focuses on Farmers

During the Budget 2024 presentation, Union Finance Minister Nirmala Sitharaman allocated Rs 60,000 crore for the PM-KISAN Yojana.

The Central government has disbursed over Rs 2.6 lakh crore to more than 11 crore farmers as of July 31, 2023. The total number of beneficiaries in the PM Kisan scheme in FY24 stood at over 8.56 crore as of July 31, 2023.

How to Update e-KYC For PM Kisan Yojana

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