New Delhi: A new scheme has been announced in the agriculture sector which will entail payment of Rs 6,000 annually to each of the 12 crore marginal farmers.
Finance Minister Piyush Goyal said the scheme is named as Pradhan Mantri Kisan Samman Nidhi that will involve an annual outlay of Rs 75,000 crore.
While presenting the interim Budget in the Lok Sabha, the Finance Minister said Rs 6,000 will be paid directly in the bank accounts of the marginal farmers.
Goyal said the farmers will be provided with the sum in three equal installments retrospectively from December 1, 2018.
He said the motive behind this scheme is to provide assured income support for small and marginal farmers of the country.
The Finance Minister said a historic decision has been taken to increase MSP by 1.5 times the production cost for all 22 crops for welfare of farmers and for doubling their income.