These are all the folks who can apply for India’s new ₹1 lakh crore agri infrastructure fund
- Prime Minister Narendra Modi launched the financing facility under the Agriculture Infrastructure Fund worth ₹1 lakh crore.
- This fund will help farmers to get higher value for their produce as they will be able to store and sell at better prices as per market conditions.
- Under the scheme, the central government will bear about 3% interest subsidy and loan amounting to ₹2 crore or less up to seven years.
AdvertisementIndia’s Atmanirbhar (self reliance) package announced by Finance Minister Nirmala Sitharaman in May 2020 included the promise of an agriculture infrastructure fund worth ₹1 lakh crore ($135 billion). Now, Prime Minister Narendra Modi has unveiled the details of the plan and these are the key highlights.
What is the Agriculture Infrastructure Fund?
The government will spend ₹1 lakh crore over the next four years.
|Total||₹1 lakh crore|
Under the scheme, the central government will bear about 3% interest subsidy and guarantee loans up to ₹2 crore or less up to seven years. Modi noted that around 11 of the 12 public sector banks have already signed a memorandum of agreement with the Agriculture Ministry.
The loans taken must be used to build cold storage, collection centres and processing units etc, which will allow farmers to protect their perishable produce for a longer period of time and get better prices for them.
The moratorium for repayment under this financing facility may vary between 6 to 24 months.
Who all apply for a loan under the Agriculture Infrastructure Fund?
*Source: Prime Minister’s Office
|Farmers||Primary Agriculture Credit Societies|
|Marketing Cooperative Societies||Self Help Groups|
|Farmer Producer Organisation||Joint Liability Groups|
|Multipurpose Cooperative Societies||Agri-entrepreneurs|
|Startups||Central/state agency or local body sponsored public-private Partnership Projects|
आज जो Agriculture Infrastructure Fund launch किया गया है, इससे किसान अपने स्तर भी गांवों में भंडारण की आधुनिक सुवि… https://t.co/47mFBWmH7W— PMO India (@PMOIndia) 1596953652000
This fund will help farmers to get higher value for their produce as they will be able to store and sell at better prices as per market conditions. It will also reduce wastage and increase processing.
“This modern infrastructure will go a long way in setting up agro-based industries. Under the self-reliant India campaign, a big plan has been made to bring the famous products in every district to the market of the country and the world,” said Modi.
This fund will give a boost to farmer’s earnings, Modi said. “Today, our farmers have a choice. If he wants to deal with his produce in his field, he can. Or he can directly connect with the warehouse or whoever pays the higher price,” he added.
AdvertisementPrime Minister Modi also initiated the transfer of ₹17,100 crore benefit to bank accounts of 8.55 crore farmers under the PM-KISAN scheme.
SEE ALSO: PM Kisan Samman Nidhi scheme's sixth instalment will be sent to 10 crore farmers from August 1
How you can check PM Kisan scheme beneficiaries status and list
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