Centre likely to increase PM Kisan Payout to ₹9000 annually in Budget 2024

The outlay for the PM Kisan scheme in the previous fiscal year stood at ₹60,000 crore, and it is envisaged to witness a proportional increase of 50 percent in the upcoming fiscal year.

As the interim Budget 2024 draws near, anticipation mounts regarding potential changes to welfare schemes, notably the Pradhan Mantri Kisan Samman Nidhi. Finance Minister Nirmala Sitharaman is set to present the interim Budget on February 1, with expectations of adjustments to key social sector initiatives.

According to reports,  the Centre is poised to augment the payout under the PM Kisan scheme by 50 per cent, raising it from ₹6000 to ₹9000 per year. This proposed enhancement in support for farmers emerges as one of the pivotal social sector modifications projected for the Union Budget 2024.

Economists emphasize the significance of this increment in the PM Kisan scheme’s disbursement, alongside foreseeing the government’s intensified focus on the PM Awas Yojana housing scheme during the budgetary discourse.

The outlay for the PM Kisan scheme in the previous fiscal year stood at ₹60,000 crores, and it is envisaged to witness a proportional increase of 50 per cent in the upcoming fiscal year. Alongside welfare schemes, the Centre is expected to sustain momentum in capital expenditure, particularly as private sector investment across sectors remains subdued.

In recent years, the government has substantially augmented capital expenditure, with a notable emphasis on infrastructure development encompassing roads, ports, and power plants. These sectors are poised to receive continued attention and allocation boosts in the forthcoming Budget 2024 session.

Ahead of the interim Budget presentation, an all-party meeting has been convened by Minister of Parliamentary Affairs, Pralhad Joshi, scheduled for Tuesday. This customary pre-session gathering serves as a platform for leaders from diverse political affiliations to articulate their parliamentary priorities. Additionally, it offers insight into the government’s legislative agenda while seeking collaboration from various political entities.

It’s imperative to note that Finance Minister Sitharaman will solely present the interim Budget in Parliament on 1st February.  The complete Union Budget for the ensuing fiscal year will be unveiled after the Lok Sabha elections and the formation of the new cabinet.

As stakeholders await the unveiling of the interim Budget 2024, expectations are high for measures aimed at bolstering welfare initiatives, particularly in the agricultural and housing sectors. The proposed increase in the PM Kisan scheme’s payout reflects the government’s continued commitment to supporting the farming community, while the broader fiscal agenda explains endeavours to stimulate economic growth and infrastructural development.