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

NEW DELHI: Putting into movement selections aimed 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 neighborhood farming belongings throughout the nation and stated this could improve India’s skill 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, scale back wastage and improve processing and worth addition.
Modi additionally launched Rs 17,000 crore to almost 8.5 crore farmers beneath the sixth instalment of the PM-Kisan scheme. The money profit was transferred straight into Aadhaar-verified financial institution accounts with the press of a button. With this switch, the scheme has to date offered over Rs 90,000 crore to over 10 crore farmers since its launch in February final 12 months.
Speaking by way of 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 equivalent to natural and fortified meals. He stated the scheme would supply alternative for start-ups in agriculture to avail advantages and scale up their operations, thereby creating an ecosystem that might 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 May, is a medium-long time period debt financing facility for funding in viable tasks for post-harvest administration infrastructure and neighborhood farming belongings by way of curiosity subvention and credit score assure.
Under this 10-year scheme, Rs 1 lakh crore will probably be offered 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 embody farmers, main agriculture credit score societies (PACS), advertising and marketing 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 tasks.
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 just about 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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