Stand-in Finance Miniser Piyush Goyal on Friday promised an annual income support of Rs 6,000 to small and marginal farmers under a newly-announced PM Kisan Samman Nidhi (PM KISAN) scheme.

The benefit will be available to 12 crore Indian farmers, who have less than 2 hectares of land, and would cost the exchequer a total of Rs 75,000 crore, Goyal said while tabling interim budget in the Lok Sabha.

The Centre, which would bear the expenditure would implement the scheme from December last year and farmers will be paid the sum in three equal instalments of Rs 2,000 each, Goyal said.

“This will pave way for farmers to earn and live a life of respect and is towards our goal of doubling farmers’ income by 2022,” the Minister said.

The minister also promised to give a 2 per cent interest subvention to farmers pursuing animal husbandry and fisheries. Besides, all farmers affected by severe natural calamities will get 2 per cent interest subvention and an additional 3 per cent interest subsidy on timely repayment of crop loans, he said.

The government has also decided to increase the allocation for Rashtriya Gokul Mission to Rs 750 crore in the current year.