Budget 2019: 12 crore farmers to benefit from Pradhan Mantri Kisan Samman Nidhi

New Delhi, Feb 1: The Union Finance Minister Piyush Goyal announced Pradhan Mantri Kisan Samman Nidhi scheme for farmers in Interim Budget 2019 speech. Under the scheme, Farmers having up to 2 hectare of lands will get Rs 6,000 per year under the scheme.

The new package for farmers to cost govt Rs 75,000 crore, said the Finance Minister. For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops.

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"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, " stated Piyush Goyal.

Also, two per cent interest subvention announced for  farmers pursuing animal husbandry and fisheries.

Goyal explained that around 70 per cent of India's farmers own less than 1 hectare of land, therefore the cut off is 2 hectares, this income scheme will cover most of India's farmers.