Union Cabinet approves extension of Pradhan Mantri Kisan Pension Yojana to all farmers

Prime Minister Narendra Modi, in his first Cabinet meet, has approved the extension of Pradhan Mantri Kisan Pension Yojana to all farmers. The move is likely to benefit nearly 14.5 crore farmers. 

"Cabinet has approved the extension of Pradhan Mantri-Kisan yojana to all farmers. Nearly 14.5 crore farmers will benefit from the scheme," Narendra Singh Tomar, Union Minister of Agriculture and Farmer Welfare, said after the first meeting of Union Cabinet.

Union Minister of Agriculture and Farmer Welfare, Narendra Singh Tomar: Cabinet has approved the extension of Pradhan Mantri-Kisan yojana to all farmers. Nearly 14.5 crore farmers will benefit from the scheme. pic.twitter.com/a20kEzwhxS

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"Union Cabinet has approved a new Central Sector Scheme, Pradhan Mantri Kisan Pension Yojana. It's a voluntary & contributory pension scheme for small and marginal farmers across the country. Central government will contribute to the pension fund in equal amount as contributed by the farmer," Tomar added.

In its manifesto for 2019 general elections, the BJP had promised to extend the scheme to all farmers.

After the extension of PM-KISAN scheme, all farmer will get Rs 6,000 a year. The move will cost exchequer Rs 87,000 crore annually.

The Rs 75,000 crore scheme was announced in the interim budget, under which the government decided to provide Rs 6,000 per year (in three equal installments) to an estimated 12 crore small and marginal farmers holding land up to 2 hectares.    

Already, 3.11 crore small farmers have so far received the first tranche of Rs 2,000 each under the PM-Kisan scheme and 2.75 crore peasants have got the second instalment as well, as per the official data. 

With PTI Inputs