PM launches Rs 1 lakh Cr financing facility under Agri-Infra Fund
PrintListen to this Article
He also said that 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.
Modi launched the fund through a video conference on the auspicious occasion of Balram Jayanthi, a day when farmers worship plough. Agriculture Minister Narendra Singh Tomar and farmers from some states also participated in the video conference.
"On this auspicious occasion, a special fund of Rs 1 lakh crore has been launched to create agriculture-related infrastructure facilities in the country.
"This will help in creating better storage facilities and modern cold storage chains in villages. Many employment opportunities will get created in villages," Modi said after the launch.
The Prime Minister reiterated that India has a huge opportunity to invest in post-harvest management solutions like warehousing, cold chain, and food processing, and build a global presence in areas such as organic and fortified foods.
He also mentioned that this scheme provides a good opportunity for start-ups in agriculture to avail the benefits and scale their operations, thereby creating an ecosystem that reaches farmers in every corner of the country.
Modi also interacted with farmers from Karnataka, Gujarat and Madhya Pradesh who are among the initial beneficiaires of the credit facility under this new fund through Primary Agricultural Credit Societies for creating post harvest facilities.
Under the Agri-Infra Fund, about Rs 1 lakh crore will be sanctioned under the financing facility in partnership with multiple lending institutions as loans to Primary Agri Credit Societies (PACS), farmer groups, Farmer Producer Organisations (FPOs), agri-entrepreneurs, start-ups and agri-tech players.
Already, 11 of the 12 public sector banks have signed initial agreements with the Agriculture Ministry.
Under the fund, about 3 per cent interest subvention and credit guarantee of up to Rs 2 crore will be provided to the beneficiaries to increase the viability of the projects.
Loans will be disbursed in four years starting with a sanction of Rs 10,000 crore in the current year and Rs 30,000 crore each in the next three financial years. #casansaar (Source - PTI)
Category : Finance | Comments : 0 | Hits : 553
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission. The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time. The 16th Finance Commission’s recommendations, upon the acceptance by the government, would cover the period of five (5) years commencing April 1, 2026. Article 280(1) of the Constitutions lays down that the modalities for setting up of a Fin...
Finance Act, 2023 received the assent of the President on the 31st March, 2023. Finance Bill, 2023 receives President's assent on Mar 31, 2023 and now its Finance Act, 2023. The Finance Act, 2023 has been enacted vide Gazette Notification dated today, March-31-2023. After obtaining the assent of the President of India, the Finance Bill, 2023 has been enacted as Finance Act, 2023.
The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business. In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to focus on technology and data analytics to push their lending. The ministry also urged the heads of the public sector lenders to strengthen IT security systems and cybersecurity to check fraud. &...
The Enforcement Directorate (ED) on Thursday said it has provisionally attached various immovable and movable properties worth Rs 2.14 crore of entry operators working for Shakti Bhog Foods Limited and their Chartered Accountants, in connection with a money laundering case pertaining to the bank loan fraud of Rs 3,269.42 crore. A senior ED official said that properties belonging to Devkinandan Garg, Ashok Kumar Goel, Mahesh Kumar, Devender Kumar and other entry operators a...
In a significant verdict, the Supreme Court Thursday ruled that the recommendations of Goods and Services Tax (GST) Council are not binding on the Union and the states and only have a persuasive value. The Supreme Court said that Parliament and state legislatures possess simultaneous power to legislate on GST and the recommendations of the council are the product of a collaborative dialogue involving the Union and states. It said that the GST Council...
Comments