News WrapGet Handpicked Stories from our editors directly to your mailbox

Budget 2019: Rs 6,000 crore to be transferred to account of small farmers, says finance minister

FM announced Pradhan Mantri Shram Yogi Mandhan pension scheme on the occasion  Photograph:( ANI )

WION Web Team New Delhi, Delhi, India Feb 01, 2019, 11.40 AM (IST)

Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer,  in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding, said Finance Minister Piyush Goyal on Friday. 

Goyal said this while presenting the Interim Budget in the Parliament on Friday. 

This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, he added.

Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment

Mega pension scheme 

The Finance Minister also announced a pension scheme called Pradhan Mantri Shram Yogi Mandhan which will provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age.