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PM Modi Launches Rs 1 Lakh Crore-Financing Facility Under Agri-Infra Fund

New Delhi: Asserting that the federal government’s agri-reforms are targeted 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 can assist create submit harvest infrastructure in villages and generate jobs.

He additionally stated that the nation doesn’t face issues in farm manufacturing however in post-harvest losses and subsequently efforts are being made to strengthen submit harvest infrastructure amenities and guarantee higher earnings for farmers.

Modi launched the fund by means 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 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 stated 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 worldwide presence in areas similar to natural and fortified meals.

He additionally talked about that this scheme supplies an excellent 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.

Modi additionally interacted with farmers from Karnataka, Gujarat and Madhya Pradesh who’re among the many preliminary beneficiaries of the credit score facility underneath this new fund by means of Major Agricultural Credit score Societies for creating submit harvest amenities.

Beneath the Agri-Infra Fund, about Rs 1 lakh crore shall be sanctioned underneath the financing facility in partnership with a number of lending establishments as loans to Major 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 shall be supplied to the beneficiaries to extend the viability of the initiatives.

Loans shall be disbursed in 4 years beginning with a sanction of Rs 10,000 crore within the present yr and Rs 30,000 crore every within the subsequent three monetary years.


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