India's farmers will get ₹6000 a year from the Modi government

As expected, the Modi administration just launched a direct benefit transfer scheme for the nation's farmers.
Speaking in Parliament while presenting the government’s interim budget, acting Finance Minister said that the government had approved the Pradhan Mantri Kisan Yojana to help small and marginal farmers.

The programme will provide structured income support for small farmers, which are believed to be the most vulnerable. Under the scheme, cash will transferred to beneficiaries, which hold 2 hectares of land or less, in three instalments of ₹2000 a year, culminating in a total payment of ₹6000.

The money will be used to help farmers pay back loans and pay for seeds, fertilisers, equipment and labour.

Around 120 million farmers are expected to benefit from the programme, which has been devised as a conditional benefit transfer programme.

The cost of the scheme will be borne entirely by the central government, said Goyal. The outlay for the Kisan Yojana is budgeted at ₹750 billion for 2019-2020.

The scheme will kick off December 1st, 2019. It is expected to revive rural incomes and hence, demand.