PM Kisan Budget 2023 Announcement: Will Modi government increase PM Kisan Samman Nidhi amount from Rs 6,000?

Budget 2023 Expectations: Will Narendra Modi Government increase PM Kiasan Samman Nidhi amount from Rs 6,000?

Budget 2023 Expectations: A key expectation of the vast majority of farmers in India is that Finance Minister Nirmala Sitharaman raises the amount under Pradhan Mantri Kisan Samman Nidhi Yojana from the current Rs 6,000 per annum.

A centrally sponsored scheme with 100 per cent funding, PM Kisan Samman Nidhi became operational from December 1, 2018.

Under the scheme an income support of Rs 6,000 per year is given to farmers in three equal installments. The amount is directly credited to the bank accounts of farmers

Definition of family for the scheme is husband, wife and minor children. State Government and UT administration will identify the farmer families which are eligible for support as per scheme guidelines. The fund will be directly transferred to the bank accounts of the beneficiaries. There are various Exclusion Categories for the scheme.

The government has disbursed 12 installments til now. In the last installment, which was disbursed on 17th October, 8,99,22,446 farmers recieved an amount of Rs 2,000 each.

It is one of the largest DBT (Direct Benefit Transfer) schemes in the world. About 11.3 crore farmers were covered under the Scheme in its April-July 2022-23 payment.
cycle. The Scheme, through a span of over 3 years, has successfully provided assistance of more than Rs. 2 lakh crore to crores of needy farmers.

Catch Budget Live Updates Here: The countdown for Finance Minister Nirmala Sitharaman’s Union Budget – the last full budget of the Narendra Modi government before the General Elections 2024 and several state assembly elections – has begun. FM Sitharaman’s task is cut out as she will have to carefully balance populist expectations along with fiscal prudence in a challenging global macro environment with signs of slowdown already seen in the tech sector across the world with job layoffs et al. Inflation particularly on the food prices front remains an elevated concern as well given India’s huge public distribution system as well. The salaried class is also expecting a major overhaul in the existing income tax slabs and relaxations in deductions to leave more money in their pockets.