In his Interim Budget 2019 speech, the interim finance minister Piyush Goyal announced a direct income support scheme called the Pradhan Mantri Kisan Samman Nidhi to support small and marginal farmers. Under this scheme, Rs 6,000 per year will be given to each farmer with land less than 2 hectares.
This amount will be credited directly in the bank accounts of the farmers in three equal installments of Rs 2,000. The initiative is expected to cover 12 crore farmers and is estimated to cost Rs 75,000 crore to the Government of India. The scheme is also applicable from December 2018, Goyal said.
He further announced the decision to increase MSP (Minimum Support Price) by 1.5 times the production cost for all 22 crops for the welfare of farmer and "double" their income. Additionally, instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2 percent interest subvention and additional 3 percent interest subvention upon timely repayment
According to a Bloomberg report, the National Democratic Alliance (NDA) government doubled the budget over the last five years to Rs 57,600 crore in 2018-19, which is three times that of the last United Progressive Alliance (UPA) government budget in 2013-14, with the highest increase of 79 percent over the previous year coming in 2016-17.