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PM-KISAN scheme, pension for traders: Key decisions taken by Modi 2.0 govt on Day 1

In a bonanza to the farming community, the government today extended PM-Kisan scheme for farmers in the country, along with a pension scheme for them. Besides this, it also cleared pension scheme for traders.

By: Express Web Desk | New Delhi | Updated: May 31, 2019 10:45:32 pm
PM-KISAN scheme, pension for traders: Key decisions taken by Modi 2.0 govt on Day 1 The previous BJP government had announced the Rs 75,000 crore Pradhan Mantri Kisan Samman Siddhi (PMKSS) in the interim budget.

In the first meeting of the Union Cabinet on Friday, the newly sworn-in government took four major decisions related to farmers’ and trades welfare. Prime Minister Narendra Modi, who was elected for a second term in the office, said that “path-breaking” decisions were taken in meeting. The BJP had promised these measures in its election manifesto.

“Glad that path-breaking decisions were taken in the cabinet, the first in this tenure. Hardworking farmers and industrious traders will benefit greatly due to these decisions,” Modi tweeted after the meeting of the cabinet. “People first, people always,” the PM wrote while asserting that the decisions will enhance dignity and empowerment of several Indians.

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In a bonanza to the farming community, the government today extended PM-Kisan scheme for farmers in the country. Along with this, it also cleared pension scheme for traders. Here are the key decisions taken in the first meeting of the new NDA government, which came back to power after winning over 350 seats:

PM-Kisan scheme

Fulfilling its poll promise, the Modi 2.0 government approved a proposal to extend the benefit of Rs 6,000 per year under the PM-KISAN scheme to all farmers in the country. In its manifesto for 2019 general elections, the BJP had promised to extend the scheme to all farmers. The Rs 75,000 crore Pradhan Mantri Kisan Samman Siddhi (PMKSS) 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.

Budget 2019, Union Budget 2019, Modi Budget 2019, when is budget 2019, budget date 2019, 2019 budget date, modi budget date 2019, Nirmala Sitharaman Budget 2019, indian express, latest news PM Modi with his newly appointed Cabinet ministers on Friday.

Pension scheme for 5 crore farmers

In another major decision, the Cabinet also approved the Pradhan Mantri Kisan Pension Yojana under which small and marginal farmers will get a minimum fixed pension of Rs 3,000 per month on attaining the age of 60 years. “In the initial phase, the government will cover minimum 5 crore small and marginal farmers in the first three years,” new Agriculture Minister Narendra Singh Tomar said, adding that this would cost Rs 10,774.5 crore per annum to the exchequer.

This scheme is a voluntary and contributory pension scheme for a small and marginal farmers across the country, with the entry age of 18-40 years, he said. The Centre said it will match the contribution made by the eligible farmer in the pension fund. After the subscriber’s death, while receiving pension, the spouse of the beneficiary will be entitled to receive 50 per cent of the pension amount, provided he/she is not already a beneficiary of the scheme.

Farmers can use benefits under PM-KISAN scheme for the making contribution under the pension scheme.

Pension scheme for shopkeepers, traders

The scheme assures minimum monthly pension of Rs 3,000 to all shopkeepers, retail traders and self-employed persons after attaining the age of 60 years.

The decision taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi here will benefit 3 crore retail traders and shopkeepers. Five crore traders are expected to join the scheme in the next three years, Union Minister Prakash Javadekar said while briefing reporters at a press conference.

Hours after the meeting, Information and Broadcasting Minister Prakash Javadekar said that the Union Budget will be presented on July 5 in Parliament. The budget will be presented by the newly appointed finance minister Nirmala Sitharaman. The interim budget for the year 2019-20 was presented by then Finance Minister Piyush Goyal on February 1, 2019. The budget will be presented in the first session of Parliament for the new government that begins June 17 and continues till July 26. President Ram Nath Kovind will address the joint session of Parliament on June 20.

(With PTI inputs)

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