To empower small farmers, PM launches Rs1L cr finance facility

New Delhi, August 9

Releases Rs17,000 cr to eight.5 cr farmers

  • Prime Minister Narendra Modi on Sunday transferred Rs17,000 crore instantly into the financial institution accounts of 8.5 crore farmers below the PM-KISAN scheme

  • He mentioned the scheme has been profitable in its goal to supply monetary help to farmers with out involvement of middlemen

  • The Centre supplies Rs6,000 per yr in three equal instalments below the scheme launched in December 2018. The PM launched the sixth installment on Sunday

Asserting that the federal government’s agri-reforms are focussed on empowering small farmers, Prime Minister Narendra Modi on Sunday launched a financing facility of Rs 1 lakh crore below the Agri-Infra Fund that may assist create post-harvest infrastructure in villages and generate jobs.

He added, “The country does not face problems in farm production, but in post-harvest losses and therefore efforts are being made to strengthen post-harvest infrastructure facilities and ensure better income for farmers. Legal hurdles are being removed and major push for agri-reforms is being given to encourage investment in rural India for creating post-harvest linkages.”

Modi launched the Agriculture Infrastructure Fund by means of a video-conference on the event of “Balram Jayanti”, a day when farmers worship plough. Agriculture Minister Narendra Singh Tomar and farmers from some states additionally participated within the video-conference.

“The fund will help create better storage facilities and modern cold storage chains in villages. Many employment opportunities will get created in villages,” Modi mentioned after the launch.

The PM reiterated that India has an enormous alternative to spend money on post-harvest administration options like warehousing, chilly chain and meals processing and construct a worldwide presence in areas resembling natural and fortified meals.

He additionally talked about that this scheme supplies an excellent alternative for startups in agriculture to avail the advantages and scale their operations, thereby creating an ecosystem that reaches farmers in each nook of the nation.

Modi additionally interacted with farmers from Karnataka, Gujarat and Madhya Pradesh, who’re among the many preliminary beneficiaries of the credit score facility below this new fund by means of Primary Agricultural Credit Societies (PACS) for creating post-harvest services.

Under the Agri-Infra Fund, about Rs 1 lakh crore will likely be sanctioned below the financing facility in partnership with a number of lending establishments as loans to PACS, farmer teams, Farmer Producer Organisations (FPOs), agri-entrepreneurs, startups and agri-tech gamers.

Already, 11 of the 12 public sector banks have signed preliminary agreements with the Ministry of Agriculture.

Under the fund, about three per cent curiosity subvention and credit score assure of as much as Rs 2 crore will likely be supplied to the beneficiaries to extend the viability of the tasks. Loans will likely be disbursed in 4 years beginning with a sanction of Rs 10,000 crore within the present yr and Rs 30,000 crore every within the subsequent three monetary years.

Citing causes for poor funding in agri-infrastructure, the PM mentioned there was “negligible” funding as a result of authorized hurdles within the wake of a provision of inventory restrict below the Essential Commodities Act. — PTI

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