The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), which was launched on September 12, 2019, recently completed five years successfully.
Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)
Eligibility:
This scheme has been launched to provide social security to all landholding small and marginal farmers (those farmers in the country who have up to two hectares of land).
Current Status:
By August 2024, 23.38 lakh farmers have been registered under the scheme, with Bihar and Jharkhand leading the registration.
More than 2.5 lakh, 2 lakh and 1.5 lakh farmers have been registered in Uttar Pradesh, Chhattisgarh and Odisha respectively.
This widespread participation reflects the growing awareness and adoption of the scheme among small and marginal farmers, which shows its importance in ensuring financial stability for this vulnerable section.
Key benefits under PM-KMY:
Monthly Contribution:
Contribution varies from Rs. 55 to Rs. 200 depending on the age of the subscriber at the time of enrolment.
Equal Government Contribution:
The Central Government contributes an amount equal to that of the subscriber / subscriber to the Pension Fund.
Minimum assured pension:
Guaranteed minimum pension of Rs 3,000 per month is given to each subscriber on completion of 60 years of age.
Family pension:
On the death of the subscriber, his / her spouse will get a family pension of Rs 1,500 per month, provided they are not already beneficiaries of the scheme.
Benefits of PM-KISAN:
Small and marginal farmers (SMFs) can use their Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) benefits for voluntary contributions with requisite approval for auto-debit.
Withdrawal from the pension scheme before the stipulated period:
If the subscriber withdraws from the scheme before the age of 60 years, he will get the accumulated interest along with his contribution.
If a subscriber dies during the receipt of pension, his / her spouse will be entitled to family pension equivalent to 50% of the amount received by the subscriber i.e. Rs. 1500 per month.
The remaining amount will be returned to the fund in case of death of the subscriber or his / her spouse.
The management of the plan:
Pension funds are managed by the Life Insurance Corporation of India (LIC) and registered through Common Service Centres (CSCs) and State Governments.
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN):
Under this scheme, the Central Government directly transfers an amount of Rs.6,000 per year in three equal instalments to the bank accounts of all landholding farmers, irrespective of the size of their holdings.
It was launched in February 2019.
Financing and implementation:
It is a centrally sponsored scheme, 100% funded by the Government of India.
It is being implemented by the Ministry of Agriculture and Farmers Welfare.
Identification of beneficiaries:
The entire responsibility of identification of beneficiary farmer families lies with the State / UT Governments.
Objective:
To meet the financial needs of small and marginal farmers in obtaining various agricultural inputs to ensure proper crop health and suitable yield commensurate with the anticipated farm income at the end of each crop cycle.
To save them from falling into the clutches of money lenders to bear such expenses and to ensure their continuity in agricultural activities.
Conclusion:
In five years of its implementation, PM-KMY has empowered small and marginal farmers (SMFs) across India to a great extent. One of the key achievements of the scheme is its role in providing financial stability to farmers, many of whom face an uncertain future due to the seasonal nature of agriculture and fluctuating incomes.
By ensuring pension for retirement years, the scheme has bridged the critical gap in social security for the rural population. Its success in the last five years underlines its pivotal role in enhancing the quality of life of the country’s’ Annadata ‘.
