Agriculture World

NABARD Assam Identifies 46 Primary Co-op Societies for Financial Aid

Aayush Chowdhury
Aayush Chowdhury

National bank for agriculture & rural development or NABARD Assam in Association with State Government has recognized 46 Primary Agricultural Co-operative Societies (PACS) for a monetary aid under AgriInfra Fund. 
 
This endowment was formally started by Prime Minister of India on August 9, 2020. As a part of the Government of India’s major agri-sector reformation, this will help in creating post-harvest infrastructure in villages and rural areas to generate employment opportunities for a wide range of consumers and activities regarding Agri- start-ups, agri-entrepreneurs and farmers. 

S.S Saha, CGM, NABARD, Assam claimed that Fund with a capital of Rs. 1 lakh Crore is proposed to be invested by government of India over a period of 4 years, which will help in accessing credit with a 3% interest subsidy up to a loan of Rs 2 crore further supported with credit guarantee to be parked with NABARD and NCDC. Moratorium for repayment under this financing benefit may vary between 6 months to 2 years. 

Saha also said that “in-principle” approval has been accorded by NABARD for 7 out of these 46 PACS recommended by Registrar of Coop Societies (RCS), Government of Assam, with a financial outlay of Rs.4 Crore in bringing out a solution for warehousing, cold storage and food processing units in Assam. He told that with the capital of Rs. 1 lakh crore of this flagship scheme will be a breakthrough for the rural economy in the country. 

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Talking about recently launched Central scheme for formation of 10000 new Farmers Producers Organizations (FPOs), the CGM said that the scheme will facilitate development of vibrant and sustainable income oriented farming and for overall socio-economic development and wellbeing of agrarian communities of the nation. 

He said that the FPOs will be formed by three implementing agencies across the nation, viz., NABARD, SFAC and NCDC commencing this financial year. NABARD has decided to form 32 FPOs in 16 DDM districts based on product cluster approach. 

The scheme will be closely monitored by a State level Monitoring Committee under the Chairmanship of Principal Secretary, Agriculture with NABARD as the Member Secretary. Similarly the district level monitoring committees are to be operating under the chairmanship of the Deputy Commissioner and the DDM; NABARD will be the Member secretary in districts where NCDC/SFAC presence is not there.  

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