India approves 3.16 trillion rupees for farmer cash scheme through 2031

India's cabinet has approved a 3.16 trillion rupee cash handout scheme for farmers over five years, extending the PM-KISAN scheme to fiscal 2031.

(Adds details from govt statement in ​paragraph 2-6) July 31 - ​India's cabinet has ‌approved 3.16 ​trillion rupees ($33.13 billion) as cash handouts for farmers for five ‌years through fiscal 2031, the government said on Friday.

The decision is aimed at supporting rural incomes and farm investment as ‌the government seeks to ease farmers' cash-flow needs and ‌reduce their reliance on informal credit. The approval extends the Pradhan Mantri Kisan Samman Nidhi, or PM-KISAN, scheme from fiscal 2027 to ⁠fiscal ​2031, following ⁠a cabinet meeting chaired by Prime Minister Narendra Modi.

Under the scheme, ⁠eligible landholding farmer families receive 6,000 rupees ($63) annually in three ​equal direct bank transfers. Launched in 2019, PM-KISAN has disbursed more ⁠than 4.47 trillion rupees through 23 instalments, the government said. The latest ⁠instalment ​benefited more than 94.9 million farmers and totalled over 189.84 billion rupees.

Women farmers have received more ⁠than 1.06 trillion rupees under the programme and account for ⁠nearly one ⁠in four beneficiaries, the statement said. ($1 = 95.3800 Indian rupees)