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Over 18 lakh farmers registered under PM KISAN MAAN DHAN YOJANA: Agriculture Minister

Capital Market 

Scheme aims to cover around 3 crore beneficiaries

The Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar informed the Lok Sabha that 18,29,469 farmers in the country have been registered under the PM KISAN MAAN DHAN YOJANA, including 61,496 farmers of Gujarat as on 14 November 2019.

The Scheme aims to cover around 3 crore beneficiaries. With a view to provide social security net for the Small and Marginal Farmers (SMF) as they have minimal or no savings to provide for old age and to support them in the event of consequent loss of livelihood, the Government has launched a new Central Sector Scheme, namely, the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY). Under this Scheme, a minimum fixed pension of Rs 3000 is provided to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years. It is a voluntary and contributory pension scheme, with entry age of 18 to 40 years.

The beneficiary can opt to become member of the Scheme by subscribing to a Pension Fund managed by the Life Insurance Corporation of India (LIC). The beneficiary is required to make a monthly contribution of between Rs 55 to Rs 200 to the Pension Fund, depending on the age of entry into the Scheme, with provision of equal contribution by the Central Government. Exit from the scheme may be voluntarily or on failure of contribution or on demise. On exit from the scheme, the beneficiary will receive his/her accumulated share and the Government's contribution will be deposited in the LIC Fund. After the subscriber's death, the spouse or heir shall be entitled to receive 50% of the pension as family pension, provided he/she is not already an SMF beneficiary of the Scheme. On the death of the subscriber during the period of contribution, the spouse shall have the option of continuing the Scheme by paying regular contribution.

All Small and Marginal Farmers in the country, who are of the age of 18 years and above and up to the age of 40 years, and who do not fall within the purview of the exclusion criteria, are eligible to avail the benefits of this Scheme.

The ratio of contribution to be made by small and marginal farmers and the Union Government under this Yojana is 1:1. Government contribution under the Scheme is equal to the monthly contribution made by the farmer, which varies from Rs 55 to Rs 200 depending on the age of entry.

The Life Insurance Corporation of India (LIC) is the Pension Fund Manager for the Scheme.

PM-KMY Scheme aims to cover around 3 crore Small and Marginal Farmers.

A budgetary provision of Rs 900 crore has been made for the year 2019-20. There is no State-wise allocation of funds under the Scheme.

Apart from the electronic and print media, wide publicity has been given to the Scheme through social media as well. The implementing agencies, the State / UT Governments and the Common Service Centres (CSCs), have also been roped in for wide publicity through their own resources. The Village Level Entrepreneurs (VLEs) of the CSCs who are field level functionaries, have also been provided incentives for ensuring maximum enrolment of farmers under the Scheme.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 19 2019. 20:30 IST