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PM launches Rs one lakh crore financing facility for agriculture

by Annamalai Suriamurthy
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A new central sector scheme of financing facility under the Agriculture Infrastructure Fund of Rs one lakh crore was launched by Prime Minister Narendra Modi on Sunday. The scheme aims to support farmers, PACS, FPOs, agri-entrepreneurs, etc. in building community farming assets and post-harvest agriculture infrastructure. These assets will enable farmers to get greater value for their produce as they will be able to store and sell at higher prices, reduce wastage, and increase processing and value addition.

The Prime Minister also released the sixth instalment under the PM-KISAN scheme of Rs. 17,000 crore to nearly 8.5 Crore farmers on the occasion. The cash benefit was transferred directly to their Aadhaar-verified bank accounts with the press of a button. With this transfer, the scheme has provided over Rs 90,000 crore to of more than 10 crore farmers since its launch on December 1, 2018, according to an official release.

After a virtual interaction with representatives of primary agriculture credit societies from Karnataka, Gujarat and Madhya Pradesh, the Prime Minister, in his address, was confident that farmers and the agriculture sector would benefit much from the scheme. He said the scheme would provide a financial boost to farmers and the agriculture sector and increase India’s ability to compete on the global stage. He also mentioned that the scheme provided a good opportunity for start-ups in agriculture to avail themselves of the benefits and scale their operations, thereby creating an ecosystem that reached farmers in every corner of the country.

 

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