Interim Budget 2019 | In big boost to farmers, Finance Minister Piyush Goyal announces Rs 6,000 fixed income

In a big boost to the agricultural sector, Acting Finance Minister Piyush Goyal on Friday said that the Pradhan Mantri Kisan Samman Nidhi yojana has been introduced to provide support to small and marginal farmers and improve their income. Farmers who own up to 2 acres of land will be given Rs 500 a month i.e. Rs 6000 a year. This income support will be transferred in three equal instalments, said FM Goyal while presenting the Interim Budget for FY19. This project will be funded solely by the Central government and directly imapact 12 crore farmer families. The scheme will cost the government Rs 75,000 crore.

Finance Minister Piyush Goyal also announced the Rashtriya Kamdhenu Aayog to enhance the productivity of cows, look after their welfare. “Two percent interest subsidy to be given to farmers involved in animal husbandry activities, to be given through kisaan credit card scheme, additional 3 percent subsidy on timely payment of loans,” he said.

“For welfare of farmers and for doubling their income, historic decision taken to increase MSP by 1.5 times the production cost for all 22 crops,” Finance Minister Piyush Goyal said. A two per cent interest subvention to farmers pursuing animal husbandry and fisheries was also announced. In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment, the finance minister said.

The government has increased allocation for Rashtriya Gokul Mission scheme to Rs 750 crore for protection of cows.