The role of agriculture sector in boosting the economy of the country is immense, especially when the sector accounts for 18 per cent of the country’s Gross Domestic Product (GDP) and is responsible for providing employment opportunities to about 50 per cent of the workforce in India.
Now, with the promising and deterministic approach of the Central Government of India, under the staunch leadership of Prime Minister Narendra Modi, the well-directed schemes and ventures to boost the growth of the agricultural sector and with an intent to improve the condition of the farmers are sure to bear fruits in the coming future with much more accelerated pace than it has been doing till date.
Prime Minister Narendra Modi launched the pension scheme under the name of the Pradhan Mantri Kisan Maan Dhan Yojana (PMKMDY) at Ranchi, the capital of Jharkhand on September 12 in lieu with his government’s commitment to secure the present and future of the farmers who have been the victim of uncertainties plaguing the agricultural sector. Under the scheme, the lives of 5 crore Small and Marginal Farmers (SMF) will be secured as the initiative promises to provide a minimum pension of Rs 3000 per month, to those farmers who attain 60 years of age. The pension fund under the Pradhan Mantri Kisan Maan Dhan Yojana (PMKMDY) is to be monitored and managed by the Life Insurance Corporation (LIC).
The farmers holding cultivable land capacity of 2 hectares or less are eligible for the scheme and they can enrol their names at the nearest Common Service Centres (CSCs) of the government in their neighbourhood. The scheme is voluntary and contributory in nature and it would be available to farmers who are in the age group of 18 to 40 years. Under the scheme, the farmers may need to make a monthly contribution of between Rs 55 and Rs 200 and the government would pay a matching amount for the pension scheme. The Common Service Centres (CSCs) is to charge a minimal amount of Rs 30 for each enrolment, but even the burden of such meagre amount is not to fall on the shoulders of the farmers. The enrolment process is free for the farmers as the government at Centre will pay the fees on the part of the farmers.
There is an option for beneficiaries to opt-out of the scheme after a minimum period of five years and the LIC will return the entire contribution with an interest equivalent to prevailing saving bank rates. The scheme definitely holds the potential to change the socio-economic scenario of the farmers and the farmers already benefitting from the Pradhan Mantri Kisan Scheme have an alternate option of getting their pension contribution debited directly from the scheme.
Prime Minister Narendra Modi-led government is even committed to revolutionize the agricultural arena of the country by all means possible and doesn’t want any roadblocks to hamper the growth and progress of the sector in general and the farmers in particular. No biased stand on the basis of region has been adopted on the government’s part as the scheme holds its relevance in every nook and corner of the Indian territory and because of the revocation of Article 370 by the Government of India on August 5, 2019; now the benefits of this scheme along with all other Central Government schemes are to reach the terrains of the Union Territories of Jammu and Kashmir and Ladakh.
The progress of various centre-led schemes project positive light on the constructive prospect of the Pradhan Mantri Kisan Maan Dhan Yojana (PMKMDY). Under the Pradhan Mantri Jeevan Jyoti Yojana and the Pradhan Mantri Suraksha Bima Yojana more than 22 crore people have joined, while 44 lakh poor patients have been benefitted under the Ayushman Bharat Yojana. The Shramayogi Manadhan Yojana has benefitted more than 32 lakh labourers and as per the statistics more than 21 thousand crore rupees have been deposited in the accounts of about six and a half crore farmer families of the country under the PM Kisan Samman Nidhi. The success stories of all these schemes are indicative of the commitment and deterministic approach of the government to transform the agricultural sector in the near future keeping in mind the sustainable goals and commitments. Pradhan Mantri Kisan Maan Dhan Yojana (PMKMDY) is definitely a step forward towards India’s commitment to farmers welfare in agriculture.