Union Cabinet has approved the Pradhan Mantri Kisan Samman Siddhi Scheme

CONTEXT

  • Union Cabinet has approved the Pradhan Mantri Kisan Samman Siddhi Scheme. It will cost over Rs.87,000 crore a year to the exchequer.
  • The government has announced its decision to extend the benefit of Rs.6,000 per year under the PM-KISAN scheme to all 14.5 crore farmers in the country, irrespective of the size of their landholding.
  • The scheme was launched on 24th February 2019 in the run-up to the 2019 Parliamentary elections in Gorakhpur, Uttar Pradesh where the first rounds of installments were paid to several farmers.
  • The government so far distributed the first installment to 3.11 crore beneficiaries and second installment to 2.66 crore beneficiaries into their bank accounts through Direct Benefit Transfer mode.
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