Budget 2019: Piyush Goyal announces structural income for farmers at Rs 6,000 per annum in 3 instalments

As expected, the government has announced sops to farmers. Union Finance Minister Piyush Goyal announced a structural income support to farmers. Farmers will get Rs 6,000 per year through direct bank transfer in three instalments. The scheme will be 100 percent financed by government of India. Farmers with land less than 2 hectare will be beneficiaries of this scheme. The scheme has a budget outlay for Rs 75,000 crore for FY19. Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year to be given to each farmer, in three installments. The amount will be transferred directly to farmers’ bank accounts for those with less than 2 hectares land holding.

FM Piyush Goyal: This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore https://t.co/TdjD4wkwAi

— ANI (@ANI) February 1, 2019

“Keeping in mind the welfare of farmers and doubling their income, the historic decision to increase MSP by 1.5 times the production cost for all 22 crops was taken by the government,” Goyal said. This announcement by Goyal shows that nation-wide income support scheme has taken off, said S Murlidharan, columnist, at Firstpost. The cabinet on Monday is likely to approve a package for farmers to boost their income and address distress in the farm sector, sources said, adding that the move will come ahead of the general elections, sources said, a PTI report said.