Bonanza for farmers in first Cabinet meet, Budget session on July 5

New Delhi: In the first Cabinet meeting, the government Friday decided to extend PM-KISAN scheme to all 14.5 crore farmers in the country costing Rs 87,000 crore a year and also announced over Rs 10,000 crore pension scheme for 5 crore farmers, thereby fulfilling the BJP's poll promise.

Announcing the two key decisions, new Agriculture Minister Narendra Singh Tomar said the Modi 2.0 government has announced the landmark decisions for the farming community in the first Cabinet meeting.

The Rs 75,000-crore Pradhan Mantri Kisan Samman Siddhi (PMKSS) was announced in the interim Budget under which the government decided to provide Rs 6,000 per year (in three equal instalments) to an estimated 12.5 crore small and marginal farmers holding land up to 2 hectares.

"Now, the revised scheme envisages to cover around 2 crore more farmers increasing the coverage of the PM-KISAN to around 14.5 crore beneficiaries," the minister said.

He said total burden on the exchequer will increase by Rs 12,000 crore to Rs 87,217.50 crore for the year 2019-20.

So far, the first instalment has been given to only 3.11 crore beneficiaries and second to 2.66 crore beneficiaries, as many states did not provide the data of eligible farmers, Tomar said.

In another major decision, Tomar said the Cabinet also approved the Pradhan Mantri Kisan Pension Yojana under which small and marginal farmers will get a minimum fixed pension of Rs 3,000 per month on attaining the age of 60 years.

The Centre said it will match the contribution made by the eligible farmer in the pension fund.

After the subscriber's death, while receiving pension, the spouse of the beneficiary will be entitled to receive 50 per cent of the pension amount, provided he/she is not already a beneficiary of the scheme.

Budget on July 5

The first session of the 17th Lok Sabha will be held from June 17 to July 26, with the regular budget to be presented on July 5, Union Minister Prakash Javadekar said on Friday.

The dates of the session were decided in the first cabinet meeting of the Narendra Modi government.

Addressing a press conference after the meeting, Javadekar said the first two days of the session will be devoted to swearing-in of the newly elected MPs while the Lok Sabha speaker will be elected on June 19.

The president's address to the joint sitting of both Lok Sabha and Rajya Sabha will take place on June 20, he said.

The economic survey will be tabled on July 4 followed by the presentation of the budget on the next day. The session will have a total of 30 sittings.

It will be the first budget of the Modi government in its second term and will be presented by Finance Minister Nirmala Sitharaman.

Pension scheme for shopkeepers, traders

The government approved a new scheme, which assures minimum monthly pension of Rs 3,000 to all shopkeepers, retail traders and self employed persons after attaining the age of 60 years, fulfilling its poll promise.

The decision will benefit 3 crore retail traders and shopkeepers.

Five crore traders are expected to join the scheme in the next three years, Javadekar said while briefing reporters at a press conference.