Govt unveils ₹1 trillion Agri Infra Funding Facility
The Union government has launched agriculture infrastructure projects of ₹1,300 crore to be executed through 2,282 primary agriculture cooperative societies. This is a part of the government's program to extend the financing of about ₹1 trillion over the next few years in the farm sector. PM informed that the financing will be extended to create viable post-harvest infrastructure in the countryside and generate jobs to ensure better income for farmers. Legal hurdles are being cleared and major push in Agri-reforms is being given to encourage investment in rural India for creating post-harvest linkages. Under the infrastructure fund, the government plans to disburse ₹10,000 crore worth of loans at concessional rates to the cooperative societies, farmer-producer organizations (FPOs), start-ups, and others in the current financial year. Loans up to ₹2 crore will be provided to entrepreneurs at 3 per cent interest subvention for seven years with a moratorium on repayment varying from six months to two years. 11 public sector banks have signed initial agreements with the ministry of agriculture for disbursal of the loan amount. The fund, along with the three facilitating Ordinances – on freeing agriculture marketing, amending Essential Commodities Act and framework for contract farming – is aimed at providing an ecosystem to private firms to encourage them to invest in storage and warehousing.
📅Published on:
11 August 2020
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