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As just a couple of days left for the interim budget 2024, it is anticipated that the Central government may announce some big hikes to their welfare scheme, including the Pradhan Mantri Kisan Samman Nidhi Yojana (PM Kisan Yojana). The interim budget will be presented by finance minister Nirmala Sitharaman on February 1.
While experts anticipate no major announcements in the interim budget, the government is likely to make an increase of 50% in the payout of the PM Kisan scheme, that will be from ₹6000 to ₹9000 per year, according to the reports. This would be a major boost for farmers enrolled in the scheme.
The economists also believe that the increase in the payout would be one of the significant announcements expected this year. Apart from this, the Centre’s housing scheme - PM Awas Yojana will be one of the prime focuses of the government during Budget 2024.
In the last three years, the government has increased capital expenditures by over a third yearly, giving highways, ports, and power plants first priority. A growth in these areas is also anticipated in the upcoming Budget 2024 session.
Several reasons are cited for this potential increase, including:
Boosting rural consumption: The additional income could encourage farmers to spend more, stimulating the rural economy.
Countering inflation: The hike could help farmers cope with rising input costs and living expenses.
However, in between all this information, it is important to remember that these are just reports and speculations. The final decision on the PM-Kisan payout will be announced in the Union Budget on February 1, 2024.
According to the sources, Pralhad Joshi, the Minister of Parliamentary Affairs on Tuesday will convene an all-party which will be joined by the floor leaders from various political parties in both Houses of Parliament.
The all-party meet is a customary practice ahead of every session where leaders of different parties highlight the issues they want to raise in Parliament, and the government give them a glimpse into its agenda, looking forward to their cooperation.
Pradhan Mantri Kisan Samman Nidhi (PIV-KISAN) is a new Central Sector Scheme to provide income support to all landholding farmers' families in the country to supplement their financial needs for procuring various inputs related to agriculture and allied activities as well as domestic needs. Under the Scheme, the entire financial liability towards transfer of benefit to targeted beneficiaries will be borne by Government of India.
The scheme was launched by Prime Minister Narendra Modi on February 24, 2019 and according to the records, the Government of India has disbursed over Rs 2.60 Lakhs Crores to more than 11 Cr farmers. Under the Scheme, an amount of Rs 6000 is transferred annually in three equal installments of Rs 2000 directly into the Aadhaar Seeded bank accounts of the farmers.
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