Taking charge as prime minister in his third term, Narendra Modi on Monday signed his first file authorising the release of 17th installment of the 'PM Kisan Nidhi' funds amounting to nearly Rs 20,000 crore, which will benefit around 9.3 crore farmers.

After signing on to the release of funds, Modi said, “Ours is a government fully committed to 'kisan kalyan' (farmers' welfare). It is, therefore, fitting that the first file signed on taking charge is related to it. We want to keep working even more for farmers and the agriculture sector in the times to come."

The decision signifies the government's commitment to farmers' welfare following the ruling National Democratic Alliance's poll win, albeit with some setback, especially in parts of rural India.

Modi was sworn in as prime minister on Sunday for a record-equalling third term, heading a 72-member Union Council of Ministers.