The Maharashtra government on Tuesday sanctioned the disbursement of Rs 1,720 crore to farmers as the first tranche of funds under the Namo Shetkari Mahasanman Nidhi Yojana.

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A Government Resolution (GR) to this effect was issued by the state Agriculture Department which stated the amount will be deposited in the bank accounts of cultivators.

This new financial scheme under which more than 1 crore farmers in the state will be paid Rs 6,000 annually was approved at a Cabinet meeting in May.

The scheme was announced in the 2023-24 budget by Deputy Chief Minister Devendra Fadnavis, who was holding the finance portfolio at that time.

Chief Minister Eknath Shinde had said the amount (Rs 6,000 to be paid to farmers annually by the state) is in addition to Rs 6,000 paid in instalments per year by the Centre under the Pradhan Mantri Kisan Samman Nidhi Yojana.

Though the Namo Shetkari Mahasanman Nidhi Yojana was announced in the 2023-24 budget, the funds were not disbursed.

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(Edited by : Vivek Dubey)