The government may lower the allocation of the Pradhan Mantri Samman Nidhi scheme by 20% to approximately Rs 60,000 crore in the forthright budget. In the 2019-20 Union Budget Figure, the Center approved Rs 75,000 Cr to introduce the PM-KISAN scheme under which Rs 6,000 was distributed in three equal instalments to farmers annually.
Although, the researcher suggested that, in the updated budgetary calculation, the allocation is expected to shorten to Rs 61,000 crore as some states, like Western Bengal, have not introduced this scheme and many other states do not have sufficient farmer records. It is intended that the Government will allocate approximately Rs 61,000 in the current financial year 2020-21 almost the same amount provided in the revised estimate for the fiscal year 2019-20.
As the Indian Government has so far allocated the PM-KISAN scheme funding to more than 8.35 crore farmers. Apart from this, the Central Government can also raise the farm credit by 10% from Rs 13.5 lakh crore intend for the running financial year. Sources suggested that the government may assign Rs 15,000 crore to the farm insurance scheme, up from Rs 14,000 crore in the current budget year 2020.
Be ready to watch like a hawk as the Union Finance Minister Nirmala Sitharaman will announce the 2020 budget in Parliament on February 1, Saturday at 11 am.