It was anticipated that the government would be able to present a gift to farmers during the election year before the announcement of Budget 2024. This is because PM Kisan Nidhi implementation was announced by former Finance Minister Piyush Goyal in the 2019 interim budget.
The government’s
ambitious initiative provides farmers with a yearly payment of Rs 6000 to bolster their finances. This time, it was anticipated that the government would be able to raise its installment before the general elections. However, the Finance Minister remained silent regarding the PM Kisan Fund.
The government will introduce a plan to support dairy farmers.
The Finance Minister announced during this that a government program to support dairy producers will be implemented. To support farming, he stated, the usage of Nano DAP will be expanded throughout all regions. Sitharaman added that contemporary farming supply chains and storage will be the main topics of discussion in the future. Additionally, the government would support groundnut and mustard farming. During the budget statement, the Finance Minister stated that 11.8 crore farmers receive direct financial support from the government through the PM Kisan Fund. Four crore farmers are benefiting from crop insurance under the Prime Minister Crop Insurance Scheme.
PM Kisan Nidhi
The Prime Minister Kisan Samman Nidhi, or PM Kisan, is one of the Center’s most ambitious programs. The administration made this announcement in the interim budget on February 1, 2019. However, it went into effect for farmers in December 2018. Under the program, farmers receive yearly cash help from the government of Rs 6000. This amount is distributed in three equal payments of Rs 2,000 each. Fifteen installments have been deposited to the benefiting farmers’ accounts thus far. For PM Kisan Nidhi, a budget of Rs 60,000 crore has been set aside for 2023.
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