Why in the News?

Prime Minister Narendra Modi released the 15th installment of the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme worth over Rs 18,000 crore to more than 8 crore farmers on November 15, 2023.

About Pradhan Mantri Kisan Samman Nidhi (PM-KISAN):

• The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a Central Sector scheme with 100% funding from the Government of India.
• Under the scheme, income support of Rs. 6,000 per year in three equal installments is provided to all land-holding farmer families, providing them with socio-economic security.
• The amount is directly transferred to the bank accounts of the beneficiaries without any involvement of intermediaries, making it one of the largest Direct Benefit Transfer (DBT) schemes in the world.
• So far, more than Rs. 2.42 lakh crore have been disbursed to over 11 crore farmers.
• As per the study by the International Food Policy Research Institute (IFPRI), PM-KISAN had numerous benefits for the farmers and agriculture sector.
• It addresses the liquidity constraints of farming households, enabling essential input procurement.
• The scheme boosts modern cultivar adoption through Krishi Vigyan Kendras.
• The cash transfer to farmers increases their total net income and enhances their risk-taking capacity, leading to productive investments.
• PM-KISAN has empowered the farmers by boosting agriculture investments, easing credit constraints, and spurring rural economic growth.
• Consequently, farmers have been able to invest in their farms, including purchasing seeds, fertilizers, and necessary equipment, leading to increased agricultural production and improved crop yields.