Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) Launched on 12th September 2019, the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) has completed five years, serving as a vital scheme aimed at providing social security to Small and Marginal Farmers (SMFs) in India.
Key Features of PM-KMY:
- Eligibility:
- The scheme targets Small and Marginal Farmers with landholdings of up to 2 hectares.
- As of August 2024, 23.38 lakh farmers have enrolled, with states like Bihar, Jharkhand, Uttar Pradesh, Chhattisgarh, and Odisha showing significant participation.
- Key Benefits:
- Monthly Contributions: Farmers contribute an amount ranging from Rs. 55 to Rs. 200 based on their age at enrollment.
- Equal Government Contribution: The Central Government matches the farmer's contribution to the pension fund.
- Minimum Assured Pension: Once the farmer turns 60 years old, they receive a minimum pension of Rs. 3,000 per month.
- Family Pension: In case of the subscriber's death, the spouse receives Rs. 1,500 per month, provided they are not already a scheme beneficiary.
- PM-KISAN Benefit Integration:
- Small and Marginal Farmers can opt to use their PM-KISAN benefits for voluntary contributions through auto-debit with prior authorization.
- Exiting the Scheme:
- If a subscriber exits before reaching 60, they will receive their contributions plus accumulated interest.
- If the subscriber passes away during the pension period, the spouse will receive 50% of the pension (Rs. 1,500/month).
- After both the subscriber and spouse’s death, the remaining corpus is returned to the pension fund.
- Management of Scheme:
- The Life Insurance Corporation of India (LIC) manages the pension fund.
- Registration is facilitated through Common Service Centres (CSCs) and state governments.
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Launched in
February 2019, PM-KISAN aims to support all landholding farmers in India by transferring
Rs. 6,000 per year (in three installments) directly into their bank accounts, irrespective of landholding size.
Key Features: - Central Sector Scheme with 100% funding from the Government of India.
- Implemented by the Ministry of Agriculture and Farmers Welfare.
- States and UTs are responsible for identifying eligible farmer families.
The goal is to
supplement financial needs for small and marginal farmers in acquiring inputs and preventing them from falling into the clutches of moneylenders, helping maintain their livelihood.
Other Key Government Initiatives for Agriculture: - Pradhan Mantri Fasal Bima Yojana (PMFBY): A crop insurance scheme to protect farmers against losses due to natural calamities.
- Soil Health Card Scheme: Aimed at improving soil health and promoting sustainable farming.
- Pradhan Mantri Krishi Sinchai Yojana (PMKSY): Focused on providing irrigation coverage to every farm.
- e-National Agriculture Market (e-NAM): An online platform for the transparent sale and purchase of agricultural produce.
- Paramparagat Krishi Vikas Yojana (PKVY): Encourages organic farming.
- Digital Agriculture Mission: Promotes technology adoption in agriculture to improve productivity.
- Unified Farmer Service Platform (UFSP): A digital platform for comprehensive farmer services.
- National e-Governance Plan in Agriculture (NeGP-A): Facilitates e-governance solutions for agriculture.
- Mission Organic Value Chain Development for North Eastern Region (MOVCDNER): Promotes organic farming in the North Eastern states.
Key Takeaways
Over the last five years,
PM-KMY has significantly improved the financial security of
Small and Marginal Farmers (SMFs), who often face uncertain futures due to the volatile nature of agriculture. By providing a
pension upon reaching the age of 60, the scheme addresses a crucial gap in the
social security framework for rural populations, thereby enhancing their quality of life and contributing to the nation's broader development goals. The success of PM-KMY is reflective of its growing adoption and importance in ensuring financial stability for farmers, reinforcing their role as the backbone of India’s agricultural sector.
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