Paper Key : IRJ************050
Author: Saurabh Pal,Sanjana Singh
Date Published: 03 Feb 2025
Abstract
India is one of the fastest-growing economies in the world, with agriculture playing a pivotal role in economic development. Agriculture remains the backbone of both the industry and service sectors by providing employment to nearly half of the countrys workforce and ensuring food security. The sector's vast productive capacity has made India one of the leading global producers and exporters of key agricultural commodities. Recognizing the importance of agriculture, the Indian government has introduced various policy measures to enhance productivity and improve farmers welfare. One such initiative is the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme, launched in December 2018 and operational from February 2019. Initially targeting small and marginal farmers, the scheme was later expanded to cover all farmers, except those falling under certain exclusion criteria. Under PM-Kisan, eligible farmers receive 6,000 annually in three equal instalments through direct benefit transfer, ensuring transparency and timely disbursements. The scheme has had a substantial financial impact, transferring over 115,638.87 crore to more than 10.75 crore beneficiaries as of March 2021. By stabilizing incomes and addressing rural distress, PM-Kisan has significantly contributed to agricultural development and economic growth in India. This study examines the impact, effectiveness, and future implications of the PM-Kisan scheme in enhancing farmerswelfare and rural development.