NDA Term 2 - Key decisions on Day 1
June 1, 2019
On Friday evening, Prime Minister Narendra Modi held his first cabinet meeting of the new term. There were some major decisions regarding farmers and traders announced.
The PM-KISAN scheme that promises poor farmers an annual payout of Rs 6,000 in three instalments will be extended to all farmers. This will benefit around 15 crore farmers. A pension scheme for traders has also been cleared and this will benefit three crore retail traders and shopkeepers.
A new scheme called Pradhan Mantri Kisan Pension Yojana which is a voluntary and contributory pension scheme has also been started for small and marginal farmers.
The central government will contribute to the pension fund in equal amount as contributed by the farmer. 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 small and marginal families. - Narendra Singh Tomar, Union Minister of Agriculture and Farmer Welfare
These decisions are likely to help address the farm sector distress that has affected the rural economy for some time now and is among the key contributors to GDP growth.