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PM Modi launches Rs 1 lakh crore agri-infra fund, says transfer to boost India’s means to compete globally | India Information

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NEW DELHI: In a transfer which can assist farmers get higher value of their produce at farm gates, Prime Minister Narendra Modi on Sunday launched Rs 1 lakh crore agriculture infrastructure fund to assist constructing neighborhood farming belongings throughout the nation and mentioned the efforts would improve India’s means to compete globally within the agri sector.
These farm infrastructures will allow farmers to get increased worth of their produce as they might be capable of retailer and promote at It at higher costs as per market circumstances, cut back wastage, and improve processing and worth addition.
On this event, the PM additionally launched Rs 17,000 crore to almost 8.5 crore farmers underneath sixth instalment of the continuing PM-Kisan scheme. The money profit was transferred on to the farmers’ Aadhaar-verified financial institution accounts with the press of a button. With this switch, the scheme has, thus far, supplied over Rs 90,000 crore within the arms of over 10 crore farmers since its launch in February final yr.
Addressing the event by a video convention, Modi mentioned the nation has an enormous alternative to spend money on 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 mentioned this scheme would offer alternative for start-ups in agriculture to avail the advantages and scale their operations, thereby creating an ecosystem that may profit farmers and create new jobs in each nook of the nation.
The Fund, introduced as a part of the Centre’s financial stimulus bundle in Could, is a medium-long time period debt financing facility for funding in viable tasks for post-harvest administration infrastructure and neighborhood farming belongings by curiosity subvention and credit score assure.
Beneath this 10-year scheme, Rs one lakh crore might be supplied by banks and monetary establishments as loans with curiosity subvention of three% each year and credit score assure protection for loans as much as Rs 2 crore for a most interval of seven years. There might be a moratorium for compensation from 6 months to 2 years.
The beneficiaries will embody farmers, main agriculture credit score societies (PACS), advertising cooperative societies, farmer-producer organisations (FPOs), self-help teams, joint legal responsibility teams, multipurpose cooperative societies, agri-entrepreneurs, start-ups, and central/state company or native physique sponsored public-private partnership tasks.
On the day its launch, the primary sanction of over Rs 1000 crore was made obtainable to greater than 2,280 farmer societies. Modi interacted just about with three PACS from Karnataka, Gujarat, and Madhya Pradesh who’re among the many preliminary beneficiaries of the scheme and requested them how they plan to utilise the mortgage.

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