Prime Minister Narendra Modi’s cabinet, in its first meeting of the new term this evening, made big moves for farmers and traders.
The cabinet has decided to extend the PM-KISAN scheme – which promises poor farmers an annual payout of Rs.6,000 in three instalments – to all farmers. The new move will benefit around 15 crore farmers.
The cabinet also approved a new central sector scheme called the Pradhan Mantri Kisan Pension Yojana which is a voluntary and contributory pension scheme for small and marginal farmers across the country.
“The central government will contribute to the pension fund in equal amount as contributed by the farmer,” Union Minister of Agriculture and Farmer Welfare, Narendra Singh Tomar announced after the cabinet meeting.
“The scheme provides income support to small and marginal landholder farmer families with cultivable land holding up to 2 hectare, across the country, by way of Rs. 6,000 per year. The ongoing scheme aims to cover around 12.5 crore SMF families,” he added.
The Cabinet has also cleared the pension scheme for traders. Three crore retail traders and shopkeepers will benefit from the scheme.
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