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Farm Loan: Government to Provide Rs 17000 crore to Farmers on Zero Percent Interest

The government's endeavor to make Madhya Pradesh's farmers self-sufficient. Apart from agriculture and animal husbandry, Chief Minister Shivraj Singh Chouhan asked the officers to use cooperatives in other areas.

M Kanika
Farmer in the field
Farmer in the field

The Madhya Pradesh government has decided to extend the plan of giving agriculture loans to farmers at zero percent interest for one year. A target of Rs 17,000 crore has been set for such loans in the fiscal year 2022-23. This scheme has benefited 30 lakh farmers in the current financial year. 

These farmers have been given a loan of Rs 13,000 707 crores that would last till December 24, 2021. Farmers who return government funds on time will gain a lot from this.

A provision was created last month to provide government share capital of Rs 500 crore for the fiscal year 2021-22. Markfed (Madhya Pradesh State Cooperative Marketing Federation Limited) will be able to use this money to make purchases and fertilizer sales without paying interest. This information was shared at a meeting on cooperatives hosted by Chief Minister Shivraj Singh Chouhan.

Cooperatives To Be Used in New Fields

Cooperatives should be used in new fields, according to the Chief Minister, in addition to agricultural and animal husbandry. Cooperatives in fisheries, goat farming, rural transportation, health, tourism, and the production of various food items can all help to bring about positive change.

Prepare a roadmap for cooperatives by understanding their reach and vast influence. It is critical to guarantee that cooperatives are used in non-traditional sectors.

Primary Agricultural Credit Societies To Be Boosted

CM underlined the need of encouraging cooperatives to use computers. Similarly, in large cities, the task of addressing the irregularities of house-building cooperative groups was requested. He also stated that the effort to enable Primary Agricultural Credit Societies (PACS) must be boosted. These committees serve as the foundation for growing cooperatives. Employees who are involved with them should also receive useful training.

Keeping an Eye on Low Performing Banks

In self-sufficient Madhya Pradesh, he stated, a new cooperative policy should be established by respecting cooperatives' feelings of wealth.

There is no rationale for continuing to provide government share capital to district cooperative banks with poor performance. The beneficial work done in other states' cooperative sectors should be replicated in Madhya Pradesh. Irregularities in house construction cooperative societies in big cities have been reduced, but a long-term policy should be developed to ensure that no one's hard-earned wealth is wasted.

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