NEW DELHI: Prime Minister Narendra Modi will on Monday release the 13th instalment amount of more than Rs 16,800 crore to over eight crore beneficiary farmers under the income support scheme -PM-Kisan -at Belagavi, Karnataka.Under the scheme, Rs 6,000 is annually released directly into each of the eligible landholder farmers' bank accounts in three equal instalments of Rs 2,000.

Till now, over Rs 2.2 lakh crore has been disbursed to more than 11 crore landholder farmer families across the country since the launch of PM-Kisan in February, 2019.The 11th and 12th instalment of funds during the current financial year were released in in May and October last year.

"The PM-Kisan scheme has already provided significant benefits to farmers across the country, and this latest instalment will further boost their incomes and contribute to the growth of the agriculture sector," said the agriculture ministry in a statement on Sunday.All landholding farmer families in the country are eligible under the scheme, subject to certain exclusion criteria.

The scheme has also benefited over three crore women beneficiaries who have collectively received over Rs 53,600 crore in funds in the past four years.The ministry claimed that the PM-Kisan's funds have spurred rural economic growth, eased credit constraints for farmers and boosted agricultural investments.

"It has also increased farmers' risk-taking capacity, leading to more productive investments.

According to IFPRI, PM-Kisan funds are helping recipients meet their agricultural needs and other expenses like education, medical care and marriage," it said.