Finance Minister Piyush Goyal in his budget speech today announced the plan of the government to provide an assisted income support to small and marginal farmers under the scheme Pradhan Mantri Kisan Samman Nidhi (PMKISAN).

Under the scheme a direct transfer of Rs 6,000 per year will be made to the bank accounts of farmers owning less than two hectares of land, Goyal told the parliament today.

"Farmers earlier did not get full cost for their produce. Farmers income has reduced over the years. Income support to farmers small and marginal farmers Pradhan Mantri Kisan Samman Nidhi (PM KISAN) has been approved. Famers having 2 hectares and less will be provided with Rs 6000 per annum directly into their accounts," Goyal said.

The amount will be directly transferred to the accounts of farmers in three equal installments.

According to the Agriculture Survey, the small and marginal holdings taken together (0.00-2.00 hectare) constituted 86.21 per cent in 2015-16 against 84.97 per cent in 2010-11 while their share in the operated area stood 47.34 per cent in the current census as against 44.31 per cent in 2010-11.

The programme, the FM said, will be funded 100 per cent by the Central government and the government estimates 12 crore farmer families to be directly impacted by the scheme. The estimated expenditure under the scheme will come around Rs 75,000 crores every year completely borne by the Centre. Rs 20,000 crore will be spent in this financial year, Goyal claimed.

Earlier this week on Monday, Congress president Rahul Gandhi promised to implement a nationwide minimum income for the poor if the Congress is voted to power in May this year.

"Assured supplemental income would also meet their (farmers') essential needs before the sowing season and would enable them to live a respectable life," FM Goyal said in his speech.