New Delhi, Feb 24 (IANS): Prime Minister Narendra Modi on Sunday will launch the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN), the scheme announced in the interim budget 2019-20, during his visit to Gorakhpur in Uttar Pradesh.

He will launch the scheme from the Fertilizer Corporation of India ground by pressing a button to electronically transfer the first instalment of Rs 2,000 to selected farmers, a government statement said on Saturday.

Under the scheme, Rs 6,000 will be given per year to small and marginal farmer families having combined land holding/ownership of up to two hectares.

The amount will be given in three instalments of Rs 2,000 each and will be transferred directly to the bank accounts of beneficiaries through the direct benefit transfer (DBT) scheme.

The DBT will ensure transparency in the process and save time for farmers. The Scheme was introduced to augment the income of small and marginal farmers and is estimated to benefit over 12 crore farmers.

The Prime Minister will also distribute certificates to select farmers under the PM-KISAN scheme and interact with select beneficiaries of through video conferencing.

"The PM-KISAN scheme aims to supplement the financial needs of small and marginal farmers in procuring various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm income at the end of each crop cycle. This would also protect them from falling in the clutches of moneylenders for meeting such expenses and ensure their continuance in farming activities," said the statement.

The PM-KISAN is a scheme with 100 per cent funding from the central government. It became effective on December 1, 2018 for transfer of benefit to eligible beneficiaries.

"The state governments and the UT administration will identify the farmer families, which are eligible for support as per scheme guidelines," it said.

The Prime Minister will also lay foundation stone and dedicate to nation, various development projects in Gorakhpur.