Categories: Business

6th installment of Rs 2000 for 8.5 crore farmers to be released on Sunday, PM Modi to launch Rs 1 lakh crore scheme

Photo: THE HINDU

PM to launch financing facility under Agriculture Infrastructure Fund and release benefits under PM-KISAN tomorrow

new Delhi. Prime Minister Narendra Modi will start a financial facility of Rs 1 lakh crore under the Agricultural Infrastructure Fund on Sunday at 11 am through video conferencing. At the same time, the Prime Minister will also release Rs 17,000 crore as the sixth installment of Rs 2000 for 8.5 farmers under the PM Kisan Yojana. Lakhs of farmers, cooperative societies and millions of citizens from across the country will participate in this program. Agriculture and Farmers Welfare Minister Narendra Singh Tomar will also be present on the occasion.

The Union Cabinet gave its approval to the Rs 1 lakh crore financing facility under the Agriculture Infrastructure Fund. The fund will be used for construction of post harvest management infrastructure and community farming assets such as cold storage, collection centers, processing units etc. This will help the farmers to get a better price for their produce. An amount of 1 lakh crore rupees will be made available with the help of various financial institutions. Out of the 12 state-run banks, 11 have already signed a memorandum of understanding with DAC & FW.

To make the project viable, the beneficiary will be given 3 percent interest relief and a credit guarantee of up to Rs 2 crore. The beneficiaries of the scheme will include farmers, PACs, marketing cooperative societies, FPOs, SHGs, joint liability groups, multipurpose cooperative societies, agri-entrepreneurs, start-ups and public private partnership projects supported by a center / state agency or local body.

Under Pradhan Mantri Kisan Samman Nidhi Yojana, launched on 1 October 2018, more than 9.9 crore farmers are provided direct benefits of more than Rs 75,000 crore. Under this scheme, money is deposited directly into the bank account of the Aadhar-linked beneficiary.

This post was published on August 8, 2020 2:34 pm

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