PM Kisan Maandhan Yojana: Securing Future of Small and Marginal Farmers

Table of Contents

• Introduction
• Understanding PM Kisan Maandhan Yojana
• Key Features of PM Kisan Maandhan Yojana
• • Enrollment Eligibility
  • Pension Amount
  • Contribution Amount
  • Beneficiary Coverage
  • Enrollment Process
• Benefits of PM Kisan Maandhan Yojana
• • Financial Security
  • Social Security
  • Encouragement for Sustainable Farming
  • Improved Rural Economy
• Impact of PM-KMY on Indian Agriculture
• Conclusion

Introduction

Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a pension scheme announced in September 2019 by Indian government. Its main goal is to give a reliable income and social security to small and marginal farmers when they get old.

The scheme wants to make sure that farmers have enough money and a respectable life even after they stop working. The aim is to better the financial situation of farmers and guarantee them a good life even in their retirement years.

Understanding PM Kisan Maan Dhan Yojana

The PM-KMY scheme is mainly for small and marginal farmers aged 18 to 40, with up to two hectares of land. In this plan, eligible farmers need to put in a small amount monthly or quarterly, as per their choice. The government also adds money to this, guaranteeing the farmers a pension when they turn 60.

The PM-KMY scheme aims to give enrolled farmers a minimum pension of INR 3,000 per month. This money helps them have a better life when they are older and might not make enough from farming. The scheme is not only good for the farmers but also helps their families by giving them financial stability and easing worries about money.

Key Features of PM Kisan Maandhan Yojana

Enrollment Eligibility

Any small or marginal farmer in the age group of 18-40 years can apply for the Pradhan Mantri Kisan Maandhan Yojana. The applicant should have a cultivable landholding of up to two hectares as per the land records of the respective state or union territory.

Pension Amount

Under PM-KMY, farmers are entitled to a monthly pension of INR 3,000 after attaining the age of 60. The government contributes an equal amount (INR 1,000) towards the pension, ensuring a sustainable income for farmers in their old age. The pension is sent to the farmer's bank account using the Direct Benefit Transfer system.

Contribution Amount

Participating farmers need to contribute a fixed amount based on their age group. The monthly contribution varies from INR 55 to INR 200, depending on the age at which the farmer enrols. The government matches the farmer's contribution, thus doubling the pension amount.

Beneficiary Coverage

The Pradhan Mantri Kisan Maan Dhan Yojana aims to cover approximately 10 crore small and marginal farmers across India. There are no quotas or reservations based on caste, religion, or gender. The scheme is open to all eligible individuals without any discrimination.

Enrollment Process

The government has set up places like agriculture offices, Common Service Centers (CSCs) and online platforms everywhere in the country to make it easy for people to join the scheme. These places help farmers sign up, put in money, and get their pension benefits. The idea is to make it simple and possible for farmers in faraway areas to take part.

Farmers can apply for PM-KMY at their nearest Common Service Centers or authorised centres. They need to carry relevant documents such as an Aadhaar card, bank account details, and landholding documents. The enrollment process is simple and hassle-free.

Benefits of PM Kisan Maandhan Yojana

The Pradhan Mantri Kisan Maan Dhan Yojana offers significant benefits to farmers in India, including:

Financial Security

The scheme provides financial security to farmers during their old age. By ensuring a monthly pension of INR 3,000, the government aims to alleviate the financial burdens faced by farmers after retirement.

Social Security

PM-KMY offers social security to farmers and their families by providing a stable and reliable income source. This pension scheme helps in improving the quality of life for farmers and ensures that they can meet their basic needs without depending solely on agricultural activities.

Encouragement for Sustainable Farming

The scheme aims to encourage small and marginal farmers to continue farming without worries about their future. By providing a guaranteed pension, the government promotes sustainable farming practices and safeguards the farming community's interests.

Improved Rural Economy

Pradhan Mantri Kisan Maan Dhan Yojana plays a vital role in improving the rural economy by reducing the financial stress on farmers. With a steady income, farmers can invest in modern farming techniques, purchase better equipment, and facilitate the overall growth of the agricultural sector.

Impact of PM-KMY on Indian Agriculture

• Empowering Farmers: PM-KMY empowers farmers by providing them with a sense of financial security. This empowerment can lead to increased confidence and enthusiasm among farmers, positively impacting agricultural productivity.
• Mitigating Socioeconomic Challenges: Old-age poverty has been a concern among farmers. PM-KMY addresses this challenge by offering a viable solution to mitigate the socioeconomic hardships faced by ageing farmers and their families.
• Insuring farmers and crops: The PM-KMY scheme works together with the Pradhan Mantri Fasal Bima Yojana (PMFBY), which gives farmers insurance for their crops. By joining PM-KMY with PMFBY, the government is making sure farmers are fully protected. This way, they get financial help when they're old and are also covered if their crops are damaged by natural disasters.
• Encouraging Sustainable Farming Practices: Knowing that their future is secure, farmers may be more inclined to adopt sustainable and modern farming practices. This can contribute to the overall development and modernisation of the agricultural sector in India.

Conclusion

The Pradhan Mantri Kisan Maandhan Yojana is an important financial support scheme for farmers. It is a right step towards ensuring the welfare and long-term security of farmers in India. By providing a monthly pension, the scheme not only uplifts farmers' lives but also recognises their invaluable contribution to the nation's development. PM-KMY stands as a beacon of hope for the farming community and paves the way for a brighter future for farmers in the country.