With Rs 1L cr fund, govt to ‘carry mandi to farmers’ | India Information

NEW DELHI: Placing into movement choices geared toward serving to farmers get a greater value for his or her produce at farm gates, Prime Minister Narendra Modi on Sunday launched a Rs 1 lakh crore Agriculture Infrastructure Fund to help group farming property throughout the nation and stated this may improve India’s means to compete globally within the agri sector.
The farm infrastructure will allow farmers to get increased worth for his or her produce as they’ll be capable to retailer and promote at higher costs as per market circumstances, cut back wastage and enhance processing and worth addition.
Modi additionally launched Rs 17,000 crore to almost 8.5 crore farmers underneath the sixth instalment of the PM-Kisan scheme. The money profit was transferred immediately into Aadhaar-verified financial institution accounts with the press of a button. With this switch, the scheme has thus far supplied over Rs 90,000 crore to over 10 crore farmers since its launch in February final 12 months.
Talking by video convention, Modi stated the nation had big alternative to put money into post-harvest administration options like warehousing, chilly chain and meals processing and to construct a worldwide presence in areas resembling natural and fortified meals. He stated the scheme would offer a very good alternative for start-ups in agriculture to avail advantages and scale up their operations, thereby creating an ecosystem that will profit farmers and create new jobs in each nook of the nation.
The fund, introduced as a part of the Centre’s financial stimulus package deal in Might, is a medium-long time period debt financing facility for funding in viable initiatives for post-harvest administration infrastructure and group farming property by curiosity subvention and credit score assure.
Underneath this 10-year scheme, Rs 1 lakh crore can be supplied by banks and monetary establishments as loans with curiosity subvention of three% every year and credit score assure protection for loans as much as Rs 2 crore. The beneficiaries will embrace farmers, main agriculture credit score societies (PACS), advertising cooperative societies, farmer-producer organisations, self-help teams, joint legal responsibility teams, multi-purpose cooperative societies, agri-entrepreneurs, start-ups, and central/state company or native body-sponsored public-private partnership initiatives.
On the day of its launch, the primary sanction of over Rs 1,000 crore was made obtainable to greater than 2,280 farmer societies. Modi interacted nearly with three PACS from Karnataka, Gujarat and Madhya Pradesh who’re among the many preliminary beneficiaries of the scheme and requested them how they deliberate to utilise the mortgage.

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Shreya Sharma

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