Over 1 crore farmers received the first instalment worth Rs 2000 each, under the Pradhan Mantri Kisan Samman Nidhi aka PM Kisan Yojna that was launched by PM Modi on Sunday – as promised, just ahead of election.

Initiating the Rs 75,000 crore farmer scheme, Modi conducted the first electronic transfer of Rs 2,000 each to over one crore farmers on Sunday at Gorakhpur – as announced during the interim Budget 2019-20. As per the PM Kisan Yojna, any farmer holding cultivable land of up to two hectares will be eligible to receive the benefit of the scheme. A total of Rs 6,000 will be deposited directly to the bank account of each farmer annually, in form of three instalments throughout the year.

Starting off the launch with chants of ‘Jai Jawan, Jai Kisan’, Modi said how the ambitions farmers’ scheme is “not an election promise” and that the government had talked about in interim budget only after making budgetary allocations for it. He also pointed out how the cash pay-out scheme was prioritised over the farmer loan waiver scheme since the latter would “benefit only the upper crust of farmers and those with bank loans but not the “crores” of poor farmers who took loans from other sources”.

While the transfer being made right after the RBI approved granting Rs 28,000 interim dividend to the government – a move that is poised as the central bank providing monetary support to overcome Delhi’s cash deficit in the current fiscal year. The opposition say that the speedy implementation of the scheme is a political gimmick to awe the rural vote bank, just ahead of the election. They also claim that the hefty Rs 75,000 crore scheme translates to a paltry Rs 3.3 a day per person for an entire farmer family, might not be as beneficial as it is poised to be.