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National News

Aug 08, 2020
2:40PM

PM Modi to launch financing facility of Rs 1 lakh cr under Agriculture Infrastructure Fund tomorrow

Tweeted by @AIR
Prime Minister Narendra Modi will launch the financing facility of 1 lakh crore rupees under the Agriculture Infrastructure Fund at 11 AM tomorrow through video conferencing. He will also release the sixth instalment of funds of  17 thousand crore rupees to 8.5 crore farmers under the PM-KISAN scheme. The event will be witnessed by lakhs of farmers, cooperatives, and citizens across the country. Union Minister of Agriculture and Farmers’ Welfare Narendra Singh Tomar will also be present on the occasion.
 
The Union Cabinet had approved the Central Sector Scheme of financing facility under Agriculture Infrastructure Fund of 1 Lakh Crore rupees. The Fund will catalyze the creation of post-harvest management infrastructure and community farming assets such as cold storage, collection centres and processing units. These assets will enable farmers to get greater value for their produce, as they will be able to store and sell at higher prices, reduce wastage, and increase processing and value addition.
 
One lakh crore rupees will be sanctioned under the financing facility in partnership with multiple lending institutions. 11 of the 12 Public Sector Banks have already signed MOUs with the Department of Agriculture, Co-operation and Farmers Welfare. 3 per cent interest subvention and credit guarantee of up to 2 crore rupees will be provided to the beneficiaries to increase the viability of these projects.
 
The beneficiaries of the scheme will include farmers, PACS, Marketing Cooperative Societies, FPOs, SHGs, Joint Liability Groups, Multipurpose Cooperative Societies, Agri-entrepreneurs, Startups, and Central/State agency or Local Body sponsored Public-Private Partnership Projects. The Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) scheme, launched on 1st December 2018, has provided a direct cash benefit of over 75 thousand crore rupees to more than 9.9 crore farmers. This has enabled them to fulfil their agricultural requirements and support their families.
 
Implementation of the PM-KISAN scheme has happened at an unparalleled pace, with funds being directly transferred into the Aadhaar authenticated beneficiaries’ bank account to prevent leakage and increase convenience for farmers. The scheme has also been instrumental in supporting farmers during the Covid-19 pandemic, through the release of nearly 22 thousand Crore rupees to aid the farmers during the lockdown period.

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