Days before Diwali, Prime Minister Narendra Modi on Monday released Rs 16,000 crore, meant for about 110 million eligible farmers, under the PM-Kisan scheme. With the release of the 12th installment, the total amount transferred so far under the scheme will likely exceed Rs 2.16 trillion. The money is transferred directly into the bank accounts of the beneficiaries.The Centre typically provides Rs 6,000 per year in three equal installments (Rs 2,000 each in every four months) to mainly small and marginal farmers under this income support scheme.
The scheme has been implemented since December 2018, although it was formally launched in February 2019, months before the last general election.Modi said farmers have told him that the scheme had reduced their burden. It was necessary to release the support to farmers before the Rabi sowing starts (in November), he added. PM-Kisan is a purely central sector scheme that is entirely funded by the Union government. States identify eligible farmers as per scheme guidelines and share the data with the Centre. The benefit is given only to the farmers who have land holdings.
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Agriculture minister Narendra Singh Tomar and chemicals & fertilisers minister Mansukh Mandaviya attended the event. About 13,500 farmers and 1,500 farm start-ups are participating in the event.