PM Narendra Modi launches financing facility under Agriculture Infrastructure Fund

In a bid to give a boost to the country’s agriculture sector and aid farmers, Prime Minister Narendra Modi launched a financing facility of Rs 1 lakh crore under the Agricultural Infrastructure Fund, through a video conference, on August 9, 2020.

During the ongoing conference, PM Modi also released the sixth installment of funds under the Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) scheme. A transfer of Rs 17,000 crore to an estimated 8.5 crore farmers under the scheme was also initiated.

In a statement provided by the prime minister’s office, PM-KISAN scheme had provided a direct cash benefit of over Rs 75,000 crore to more than 9.9 crore farmers and enabled them to fulfill their agricultural requirements and support their families. Of this, 22,000 crore have been passed on to the farmers during the Covid-19 lockdown. The scheme was launched in December last year.

The fund has been launched in a bid to make farmers self-reliant under PM Modi’s clarion of an ‘Atmanirbhar Bharat’ (self-reliant India). The Fund will give a boost to farmer’s earnings. “Today, our farmers have a choice. If he wants to deal with his produce in his field, he can. Or he can directly connect with the warehouse or whoever pays the higher price,” the Prime Minister said.

Under the scheme, a loan amount of Rs 1 lakh crore will be made available for four years. While Rs 10,000 crore will be made available in loans to farmers between 2020 - 2021. Rs 30,000 crore will be provided in the remaining three years. Three percent subsidy on interest will also be provided to farmers on loan amounting to 2 crore or less up to seven years. PM Modi said all these schemes and reforms are aimed at the country’s farmers.

Source: PTI