Government Hikes Agri Credit Target to Rs. 16.5 Lakh Crore in FY’22

Agriculture Minister Narendra Singh Tomar announced on February 23, 2021, the government’s decision to provide an increment of Rs. 16.5 lakh crore towards agriculture credit for FY’22. The move is to help farmers get a cash flow.

In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman had proposed a 10% increase in agriculture credit target from Rs. 15 lakh crore to Rs. 16.5 lakh crore this fiscal.

During a meeting of National Food Security Mission Programme, Tomar informed about the government’s various measures in the last six-and-half years to provide an impetus to the income of farmers and to agricultural production.

He added that the government is on a mission to increase production of oilseeds and pulses in the country. He pointed out that pulses production had already witnessed an increase in the last six-and-half years and there is a need to increase the production further.

Tomar highlighted the increment in acreage of mustard crop and emphasized on sustaining the momentum.

Along with this, Tomar threw light on the fact that farmers must reap the benefits of MSP in India and that the government has taken a series of initiatives for the farming community, such as the PM Kisan Scheme.