5 Years of Pradhan Mantri Kisan Maandhan Yojana

The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), which was launched on September 12, 2019, has completed five years. This milestone provides an opportunity to assess the scheme's impact and effectiveness.

What is the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)?

About:

1. Objective: To provide social security to landholding Small and Marginal Farmers (SMFs) with land holdings up to two hectares.
2. Eligibility: Targeted at small and marginal farmers who are landholders.

Current Status:

1. Enrollment: As of August 2024, 23.38 lakh farmers are enrolled.
2. Regional Distribution: Bihar and Jharkhand have the highest number of registrations, followed by Uttar Pradesh, Chhattisgarh, and Odisha.

Key Benefits under PM-KMY:

1. Monthly Contributions:

   1. Contributions vary from Rs 55 to Rs 200, depending on the subscriber’s age at enrollment.

2. Equal Government Contribution:

   1. The Central Government matches the subscriber’s contribution to the pension fund.

3. Minimum Assured Pension:

   1. Subscribers receive a guaranteed minimum pension of Rs 3,000 per month after reaching 60 years of age.

4. Family Pension:

   1. Upon the subscriber's death, the spouse receives a family pension of Rs 1,500 per month, provided they are not already a scheme beneficiary.

5. PM-KISAN Benefit:

   1. Subscribers may use their Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) benefits for voluntary contributions.

6. Leaving the Pension Scheme:

   1. If a subscriber exits before 60, they receive their contributions plus accumulated interest.
   2. Upon the subscriber's death, the spouse receives a family pension of Rs 1,500 per month. Remaining corpus is returned to the fund after the deaths of both subscriber and spouse.

Management of Scheme: Managed by Life Insurance Corporation of India (LIC) with registration facilitated through Common Service Centres (CSCs) and State Governments.

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN):

About:

1. Objective: Provides Rs 6,000 per year in three equal installments directly into the bank accounts of all landholding farmers.
2. Launch: February 2019.

Funding and Implementation:

1. Funding: 100% Central Government funding.
2. Implementation: Ministry of Agriculture and Farmers Welfare.

Identification of Beneficiaries:

• Responsibility of State/UT Governments.

Objectives:

1. To supplement financial needs for farm inputs and protect farmers from moneylenders.
2. To ensure continued farming activities.

Key Initiatives of Government Related to Agriculture:

1. Pradhan Mantri Fasal Bima Yojana (PMFBY)

2. Soil Health Card Scheme

3. Pradhan Mantri Krishi Sinchai Yojana (PMKSY)

4. e-National Agriculture Market (e-NAM)

5. Paramparagat Krishi Vikas Yojana (PKVY)

6. Digital Agriculture Mission

7. Unified Farmer Service Platform (UFSP)

8. National e-Governance Plan in Agriculture (NeGP-A)

9. Mission Organic Value Chain Development for North Eastern Region (MOVCDNER)

Conclusion:

Over the past five years, the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) has made a significant impact on the lives of Small and Marginal Farmers (SMFs) across India. By providing a reliable pension scheme, PM-KMY has addressed a critical gap in social security for farmers, who often face financial uncertainties due to the volatile nature of agriculture. The scheme's success in increasing financial stability and enhancing the quality of life for these farmers demonstrates its importance in the broader context of rural welfare. As the scheme continues to evolve, it remains a crucial element of the government's efforts to support and empower the agricultural community, reinforcing its role in ensuring a more secure and prosperous future for India’s rural populace.

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