INDIA

PM Narendra Modi To Launch Kisan Man Dhan Yojana Scheme

Mumbai: In a recent development, PM Narendra Modi launched the Kisan Man Dhan Yojana (KMDY) in Ranchi, Jharkhand.

He is about to inaugurate 400 Eklavya Model Residential Schools for Scheduled Tribes (ST) students in tribal-dominated areas of the state.

Announced by Agriculture Minister Narendra Singh Tomar on 9 August, the Kisan Man Dhan Yojana aims to secure the lives of 5 crore small and marginal farmers by attaining a minimum pension of Rs 3,000 per month, on attaining the age of 60 years.

The government has introduced a budget of Rs 10,774.50 crore to implement this scheme starting this financial year. Furthermore, the scheme is voluntary and contributory in nature, which means that farmers will have to contribute monthly between Rs 55 and Rs 200, depending on the age of the farmer.

The pension fund managed by the state-owned Life Insurance Corporation (LIC) will have to contribute, while the Center will also contribute the same amount.

Farmers can register for the scheme at Common Service Centers where to register their nomination, they have to submit documents of self-verified land, declaring that their land limit is less than 2 hectares.

All small and marginal farmers, who are between 18-40 years of age, are eligible to receive benefits under the scheme.

The government already has a database of more than 8 crore farmers who have registered to take advantage of the scheme.

Elections will be held later this year in Jharkhand under the leadership of Chief Minister Raghubar Das, most likely in November-December.

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