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Home / IAS Preparation / Pradhan Mantri Kisan Maan Dhan Yojana

Pradhan Mantri Kisan Maan Dhan Yojana: Aims, Features & More | UPSC Notes

Last Updated on Sep 24, 2024
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In a significant step towards the welfare of Indian farmers, the Pradhan Mantri Kisan Maan Dhan Yojana has emerged as a beacon of hope. This visionary initiative aims to address the challenges faced by our agricultural community, providing them with financial security and stability in their twilight years. With an emphasis on inclusivity and sustainable development, the Pradhan Mantri Kisan Maan Dhan Yojana is poised to transform the lives of countless farmers across the nation.

This article on Pradhan Mantri Kisan Maan Dhan Yojana is very important for UPSC CSE Exam aspirants. To ace your preparation, you can also enrol for UPSC Coaching, which will be very beneficial for your studies.

GS Paper

General Studies Paper II

Topics for UPSC Prelims

National Strategy for Financial Inclusion, National Pension Scheme

Topics for UPSC Mains

PM-KISAN, National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders), Analysis by NITI Aayog, Impact on Farmer Welfare

What is Pradhan Mantri Kisan Maan Dhan Yojana? 

The Pradhan Mantri Kisan Maan Dhan Yojana is a government-sponsored pension scheme specifically designed for small and marginal farmers. Launched in September 2019, this program seeks to alleviate the economic struggles faced by farmers during their old age by ensuring a regular income stream. By encouraging them to save for their retirement, the scheme aims to provide farmers with a sense of financial security and dignity in their later years.

Know more on Pradhan Mantri Ujjwala Yojana (PMUY) here!

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Features of Pradhan Mantri Kisan Maan Dhan Yojana 

This pioneering initiative boasts several features that set it apart as a comprehensive solution for the welfare of farmers:

  • Voluntary Participation: PM-KMY's first feature centres around the principle of voluntary participation. The scheme allows farmers between the ages of 18 to 40 years to enrol willingly. By affording this choice, the government recognizes the diverse needs and circumstances of farmers, ensuring that those who wish to secure their future can do so through this program. This voluntary nature fosters a sense of ownership and empowerment among farmers as they take active steps towards financial planning for their retirement.
  • Monthly Pension: The heart of PM-KMY lies in its commitment to providing farmers with a consistent and reliable source of income during their post-retirement years. Upon reaching the age of 60, enrolled farmers are entitled to a monthly pension. This regular inflow of funds ensures that farmers can meet their basic needs and sustain a respectable standard of living. It acts as a cushion against financial uncertainties, offering peace of mind to those who have toiled tirelessly to feed the nation.
  • Affordable Contributions: PM-KMY promotes the spirit of shared responsibility by mandating contributions from both the farmers and the government. Enrolled farmers contribute a nominal amount, demonstrating their commitment to securing their future. The government, in turn, matches these contributions, amplifying the impact of the scheme. This collaborative approach not only makes the scheme financially viable but also instill a sense of partnership between farmers and the state in ensuring their well-being.
  • Family Coverage: Recognizing the integral role of families in the lives of farmers, PM-KMY extends its benefits to immediate family members. In the unfortunate event of a farmer's demise, the spouse is entitled to receive 50% of the pension amount. This provision acknowledges the interconnectedness of family units and offers a safety net to ensure the financial security of the surviving spouse. It is a testament to the scheme's holistic approach to safeguarding the welfare of farmers and their loved ones.
  • Nominee Benefits: PM-KMY introduces the concept of nominee benefits to ensure a seamless continuation of pension payments in case of a farmer's passing. By designating a nominee, farmers can guarantee that their hard-earned benefits will reach their intended recipient, maintaining financial stability for their families. This thoughtful provision underscores the scheme's commitment to alleviating potential uncertainties that may arise and reinforces the sense of responsibility towards loved ones.
  • Simple Enrollment: Understanding the diverse demographics of Indian farmers, PM-KMY places a premium on accessibility. The enrollment process is intentionally streamlined and straightforward, ensuring that farmers from various regions and backgrounds can easily participate. This accessibility not only encourages higher participation rates but also promotes a sense of inclusivity, bridging the gap between different segments of the farming community.

Know more on Pradhan Mantri Rojgar Protshan Yojana here!

Eligibility for Pradhan Mantri Kisan Maan Dhan Yojana

To be eligible for the Pradhan Mantri Kisan Maan Dhan Yojana, the following criteria must be met:

  • You must be between 18 and 40 years old.
  • You should have cultivable land holdings of up to 2 hectares (approximately 5 acres).
  • Your name should appear in the land records of your state or union territory as of August 1, 2019.

Who is Not Eligible for Pradhan Mantri Kisan Maan Dhan Yojana?

The following individuals are not eligible to enjoy the Pradhan Mantri Kisan Maan Dhan Yojana:

  • Large Farmers owning cultivable land of more than 2 hectares.
  • Beneficiaries of Other Social Security Schemes.
  • Higher Economic Status Beneficiaries.

Advantages of Pradhan Mantri Kisan Maan Dhan Yojana 

The advantages of the Pradhan Mantri Kisan Maan Dhan Yojana are manifold and far-reaching:

  • Financial Security: The scheme provides farmers with a steady source of income after retirement, reducing dependency on family members.
  • Empowerment: It empowers farmers to plan for their future, fostering a sense of confidence and control over their lives.
  • Social Dignity: The monthly pension enhances the social status of farmers, ensuring they are not left destitute in their old age.
  • Inclusive Growth: The scheme targets the most vulnerable sections of the farming community, ensuring equitable development.
  • Sustainable Agriculture: With reduced financial worries, farmers can focus on sustainable agricultural practices, leading to increased productivity.

Know more on PM Kisan Samman Nidhi Yojna here!

Disadvantages of Pradhan Mantri Kisan Maan Dhan Yojana 

While the Pradhan Mantri Kisan Maan Dhan Yojana holds immense promise, a few potential disadvantages deserve consideration:

  • Limited Coverage: The scheme is limited to small and marginal farmers, excluding large landholders.
  • Dependency on Government: The success of the scheme relies on consistent government funding and policies, which might face uncertainties.
  • Minimal Pension Amount: The pension amount may be inadequate to meet all the financial needs of retired farmers.

Know more on Pradhan Mantri Matru Vandana Yojana here!

Significance of Pradhan Mantri Kisan Maan Dhan Yojana 

The Pradhan Mantri Kisan Maan Dhan Yojana holds profound significance for various stakeholders:

  • Farmers: This scheme ensures farmers' financial security, fostering confidence and encouraging sustainable farming practices.
  • Rural Economy: A financially secure farming community contributes to a robust rural economy, promoting growth and stability.
  • Social Welfare: The scheme uplifts the living standards of farmers, reflecting the government's commitment to social welfare.
  • National Development: By addressing the needs of farmers, the scheme contributes to overall national development and prosperity.

Know more on the kisan vikas patra scheme here!

Conclusion

In conclusion, the Pradhan Mantri Kisan Maan Dhan Yojana stands as a beacon of hope and progress, bridging the gap between the aspirations of our hardworking farmers and their financial well-being. By providing them with a secure future, the scheme not only transforms individual lives but also catalyzes the growth of our agricultural sector and the nation at large.

Key Takeaways for UPSC Aspirants

  • Scheme Summary: Pradhan Mantri Kisan Maan-Dhan Yojana was launched by the Indian government in 2019 as an initiative toward providing social security and pensions to small and marginal farmers.
  • Eligibility: The age of a farmer should be between 18 to 40 years, with cultivable land up to 2 hectares. This would result in the financial security of all older farmers in retirement.
  • Individual Contribution: Eligible farmers pay a minimum contribution between Rs. 55 and Rs. 200 per month; this varies depending on the age of the concerned farmer when he or she joins. When a subscriber reaches the age of 60 years, he or she is eligible to receive a minimum pension at the monthly rate of Rs. 3,000.
  • Government Contribution: The Central Government makes an equal contribution to the subscriber's pension fund. Hence, it also co-labours with him in building the pension corpus.
  • Registration and Management: The registration process is very user-friendly and accessible at CSCs all over India. This scheme is administered by the Life Insurance Corporation of India and disbursed to beneficiaries.
  • Financial Inclusion: PM-KMY, through connecting farmers with the mainstream financial system, gives importance to financial inclusion, which in turn helps them connect to various financial services and benefits.
  • Impact on Rural Economy: It would further enhance the financial security of farmers, thereby leading to the overall stability and growth of the rural economy. It would also lead to safety net mitigation of agrarian distresses.
  • Challenges and Awareness: Some challenges will reflect the low level of awareness, bureaucratic procedure, and require complete coverage. Sustained efforts would be required to educate the farmers about the scheme and to simplify the process of enrollment so that the scheme may have a greater impact on the lives of farmers.

We hope that all your doubts regarding the Pradhan Mantri Kisan Maan Dhan Yojana are now solved. To access more notes, mock tests and resources, you can also download the Testbook App!

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Pradhan Mantri Kisan Maan Dhan Yojana FAQs

Unfortunately, the scheme is designed for farmers between 18 to 40 years of age, ensuring long-term financial planning.

In such cases, the designated nominee will receive the pension amount, ensuring financial support for the family.

The pension amount remains fixed but may be subject to revisions based on government policies.

Yes, the contributions made towards the scheme are eligible for tax deductions under relevant sections of the Income Tax Act.

Yes, farmers can continue their agricultural activities even after enrolling, as the scheme aims to supplement their income in retirement.
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