Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY) is a central sector scheme designed for farmers in the age group of 18 to 40 years. The scheme ensures a minimum monthly pension of ₹3000/- upon reaching the age of 60 years, aiming to provide a social security net for small and marginal farmers during their old age.
The monthly contribution for farmers under PMKM ranges from ₹55 to ₹200, depending on the age of entry of the farmer into the scheme. The Government of India also contributes an equal amount to the farmers' pension accounts. The pension is disbursed once the farmer reaches the age of 60.
The scheme was launched in the financial year 2019-20, and as of November 25, 2024, over 24.66 lakh farmers have registered under this scheme.
The Government has fixed the Minimum Support Price (MSP) for Paddy (Common) and Paddy (Grade-A) for the Kharif Marketing Season 2024-25 at ₹2300 per quintal and ₹2320 per quintal, respectively. As of December 1, 2024, the total MSP payment to farmers for Paddy procurement amounts to ₹65,695 crore.
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