Budget 2024: Centre may hike PM Kisan payout to ₹9000, says report

The interim Budget 2024 will be presented by Finance Minister Nirmala Sitharaman on February 1. It is expected that the Centre will make some changes to their welfare scheme, including the Pradhan Mantri Kisan Samman Nidhi.

The interim Budget 2024 will be presented on February 1 (File)(HT File)
The interim Budget 2024 will be presented on February 1 (File)(HT File)

While no major announcements are expected in the interim budget, the government might increase the PM Kisan scheme payout by 50 percent this year, from 6000 to 9000 per year, reported The Economic Times.

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The ET report said that economists believe that the increase of the payout in the PM Kisan scheme for farmers is one of the three major social sector announcements expected during Union Budget 2024.

Further, economists also said during a poll that Centre’s housing scheme – PM Awas Yojana – will be one of the prime focuses of the government during the Budget 2024 presentation.

According to last year’s budget, the outlay of PM Kisan scheme was 60,000 crore. This is expected to see a 50 percent increase this year. Apart from welfare schemes, the Centre is expected to continue the push for capital expenditure, as private sector investment is yet to pick up across sectors, the report added.

The government ramped up capital expenditure by almost a third annually in the past three years, prioritizing spending on roads, ports and power plants. These sectors are also expected to see a boost during the upcoming Budget 2024 session.

All-party meeting ahead of Budget 2024

An all-party meeting has been called ahead of the presentation of the interim Budget 2024 presentation, to be convened on Tuesday by the Minister of Parliamentary Affairs, Pralhad Joshi.

It is a customary practice ahead of every session as leaders of different parties highlight the issues they want to raise in Parliament, and the government offers them a glimpse into its agenda and seeks their cooperation.

It must be noted that FM Sitharaman will only be presenting the interim Budget in the Parliament on February 1, while the complete Union Budget for the upcoming fiscal year will be presented after the Lok Sabha elections and the appointment of the new cabinet.

(With inputs from agencies)

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