PM Modi will formally launch the Pradhan Mantri Kisan Samman Nidhi scheme from Gorakhpur on February 24

Prime Minister Narendra Modi will formally launch the Pradhan Mantri Kisan Samman Nidhi scheme from Gorakhpur on February 24.

Under the scheme, the central government will on the same day make the first instalment of Rs two thousand in the bank account of beneficiary farmers. On February 24, about one crore farmers will be given the first instalment of two thousand rupees.

It is expected that nearly 25 million farmers will get the first instalment in the account by March 31.

The central government had already written a letter to all state governments asking for details of farmers falling under the ambit of this scheme.

States like Uttar Pradesh, Maharashtra, Gujarat and Tamil Nadu have shown an active interest in sending the list.

The central government will transfer the first instalment by March 31 to all small farmers' accounts.

Following the release of the first instalment soon after the launch, the second instalment under the scheme can also be transferred after April 1.

During the interim budget, the central government had announced this new scheme in the agriculture sector, which will entail payment of Rs 6,000 annually to each of the 12 crore marginal farmers in the country.

The scheme titled ''Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)'' will involve an annual outlay of Rs 75,000 crore.