Piyush Goyal Finance Minister said “The Kisan yojana will be effective December 1, 2018, and the money will be directly transferred into their account. Expect spend of Rs 75,000 crore on this scheme, where Rs 20,000 crore allocation will be added to the revised estimates of the FY18-19”. Reportedly direct Benefit Support of Rs 6,000 crore to farmers with landholdings below 2 hectares to be transferred directly into bank account of beneficiary farmers in three installments of Rs 2,000 each, funded by Govt of India around 12 crore farmers to benefit from the scheme which will cost the govt around Rs 75,000 crore.
Furthermore PM Kisaan Samman Nidhi to support farmers in procuring basic farm inputs like seeds and fertilizer, to benefit seed and fertilizer companies. He noted Health cards, quality seeds, irrigation facilities etc have been taken into consideration to improve the well being of farmers. Further to support farmers they have formed PM KISAN. Meanwhile under this the vulnerable farmers, upto 2 hectares will get direct income support of Rs 6,000 per year and the amount will be transferred directly into bank accounts of the farmer in three installments. About 12 crore farmers will benefit from it and the scheme will kick off from December 1”.
As per budget monthly pension of Rs 3,000 for workers in unorganized sector. Goyal announced allocation of Rs 500 crore for mega pension scheme. He added “Instead of rescheduling of crop loans, those farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment”. Apparently for workers and laborers, a new pension scheme has been increased from Rs 3,500 to Rs 7,000.
