PM Modi launched the fund by way of a video convention on the auspicious event of Balram Jayanthi.
New Delhi:
Asserting that the federal government’s agri-reforms are centered on empowering small farmers, Prime Minister Narendra Modi on Sunday launched a financing facility of Rs 1 lakh crore underneath the Agri-Infra Fund that may assist create put up harvest infrastructure in villages and generate jobs.
He additionally mentioned that the nation doesn’t face issues in farm manufacturing however in post-harvest losses and subsequently efforts are being made to strengthen put up harvest infrastructure services and guarantee higher earnings for farmers.
PM Modi launched the fund by way of a video convention on the auspicious event of Balram Jayanthi, a day when farmers worship plough. Agriculture Minister Narendra Singh Tomar and farmers from some states additionally participated within the video convention.
“On this auspicious event, a particular fund of Rs 1 lakh crore has been launched to create agriculture-related infrastructure services within the nation.
“This can assist in creating higher storage services and fashionable chilly storage chains in villages. Many employment alternatives will get created in villages,” PM Modi mentioned after the launch.
The Prime Minister reiterated that India has an enormous alternative to put money into post-harvest administration options like warehousing, chilly chain, and meals processing, and construct a world presence in areas corresponding to natural and fortified meals.
He additionally talked about that this scheme supplies alternative for start-ups in agriculture to avail the advantages and scale their operations, thereby creating an ecosystem that reaches farmers in each nook of the nation.
PM Modi additionally interacted with farmers from Karnataka, Gujarat and Madhya Pradesh who’re among the many preliminary beneficiaires of the credit score facility underneath this new fund by way of Main Agricultural Credit score Societies for creating put up harvest services.
Beneath the Agri-Infra Fund, about Rs 1 lakh crore will probably be sanctioned underneath the financing facility in partnership with a number of lending establishments as loans to Main Agri Credit score Societies (PACS), farmer teams, Farmer Producer Organisations (FPOs), agri-entrepreneurs, start-ups and agri-tech gamers.
Already, 11 of the 12 public sector banks have signed preliminary agreements with the Agriculture Ministry.
Beneath the fund, about three per cent curiosity subvention and credit score assure of as much as Rs 2 crore will probably be supplied to the beneficiaries to extend the viability of the tasks.
Loans will probably be disbursed in 4 years beginning with a sanction of Rs 10,000 crore within the present 12 months and Rs 30,000 crore every within the subsequent three monetary years.
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