The government on Friday announced a new scheme in the agriculture sector which will entail payment of Rs 6,000 annually to each of the 12 crore marginal farmers in the country.
The scheme named as Pradhan Mantri Kisan Samman Nidhi will involve an annual outlay of Rs 75,000 crore, Finance Minister Piyush Goyal said while presenting the interim Budget in the Lok Sabha.
The payment of Rs 6,000 will be paid directly in the bank accounts of the marginal farmers, he said.
It will be provided in three equal instalments, with effect from December 1, 2018, Goyal said.
The intention is to provide assured income support for small and marginal farmers, he said.
"For welfare of farmers and for doubling their income, historic decision has been taken to increase MSP by 1.5 times the production cost for all 22 crops," the Finance Minister said.
He also announced 2 per cent interest subvention to farmers pursuing animal husbandry and fisheries.
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