PM Kisan Samman Yojana: The Modi government is contemplating a boost for farmers ahead of the 2024 Lok Sabha elections. Under the Pradhan Mantri Kisan Samman Yojana, the government may increase the annual installment from Rs 6,000 to Rs 8,000 for small farmers in three parts, aiming to fortify the farmers' vote bank in the upcoming polls.
Gift to farmers before Lok Sabha elections
The central government is mulling over increasing the yearly support provided to farmers through the Pradhan Mantri Kisan Samman Yojana potentially elevating it from Rs 6000 to Rs 8000 as per a Bloomberg report. While two unnamed officials shared this information the Finance Ministry has not commented on the matter, as per ABP live. This adjustment if approved would require an additional allocation of Rs 20000 crore supplementing the existing budget of Rs 60000 crore for the fiscal year 2023-24.
Announcement possible in interim budget
Before the 2024 Lok Sabha elections, the Modi government is likely to reveal an increase in PM Kisan Samman Yojana funds in the interim budget set for February 1, 2024. Finance Minister Nirmala Sitharaman is collaborating with various ministries and departments for the interim budget.
The scheme had electoral benefits in 2019
In the 2019 budget presented before the Lok Sabha elections, then-Finance Minister Piyush Goyal introduced the Pradhan Mantri Kisan Samman Yojana, which came into effect from December 2018. Before the 2019 elections, farmers received Rs 4,000 through direct bank transfers under the PM Kisan Yojana. The ruling party, Bharatiya Janata Party, reaped electoral benefits from this scheme, securing a significant majority under the leadership of Prime Minister Narendra Modi.
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