NEW DELHI: The Union government in its first Cabinet meeting on Friday (May 31) approved a new scheme, which assures minimum monthly pension of Rs. 3,000 to all shopkeepers, retail traders and self employed persons after attaining the age of 60 years, fulfilling its poll promise.

The decision taken at the Union Cabinet meeting chaired by  the Prime Minister  will benefit 3 crore retail traders and shopkeepers.   

Five crore traders are expected to join the scheme in the next three years, Union Minister Prakash Javadekar said while briefing reporters at a press conference.   

“All shopkeepers and self employed persons as well as retail traders with GST turnover below Rs. 1.5 crore and aged between 18-40 years can enrol for the scheme,” an official statement said.   

Interested persons can enrol themselves through over 3.25 lakh common service centres spread across the country. The government will make matching contribution in the subscribers’ account, the statement added.   

“It is a landmark initiative of the Prime Minister for which traders across the country are really happy. It shows the concern of the Prime Minister towards the trading community of the country and we hope that in this tenure, small traders will be on the government’s priority list,” Confederation of All India Traders Secretary General Praveen Khandelwal told PTI.

The Cabinet on Friday also agreed to extend a programme of handing Rs. 6,000 ($86) a year to another 2.5 crore farmers of the country, farm minister Narendra Singh Tomar said.

In the interim budget for the 2019/20 fiscal year presented in February, Prime Minister Narendra Modi’s last government had started the direct cash support programme for 12 crore poor and small farmers as part of efforts to placate growers struggling with weak crop prices.

The cabinet, the first under PM Modi’s second term, also agreed to roll out a pension plan for farmers, Mr Tomar said.

  Farmers, India, NARENDRA MODI, old age pension, policy