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PM Narendra Modi Launches Financing Facility Of Rs. 1 Lakh Crore

PM Modi

National Desk: PM Modi on August 9 launched a new Central Sector Scheme of financing facility. The financing facility is under the Agriculture Infrastructure Fund of Rs. 1 Lakh Crore.

This scheme will support farmers, PACS, FPOs, Agro-entrepreneurs, etc. in building community farming assets and post-harvest agriculture infrastructure. These assets will enable farmers to get greater value for their products. They will be able to store and sell at higher prices, reduce wastage, and increase processing and value addition.

 

The Cabinet formally approved the scheme of the first sanction. Over Rs. 1000 Crore was sanctioned to over 2,280 farmer societies. The event was conducted through a video conference. It was attended by lakhs of farmers, FPOs, cooperatives, PACS, and citizens from across the country.

 

During the same event, the Prime Minister also released the 6th installment under the PM-KISAN scheme of Rs. 17,000 Crore. It was released to nearly 8.5 Crore farmers. The cash benefit was transferred directly to their Aadhaar verified bank accounts. With this transfer, the scheme has provided over 90,000 Crore in the hands of more than 10 Crore farmers. The scheme was launched on December 1, 2018.

 

Modi also virtually interacted with 3 Primary Agriculture Credit Societies from Karnataka, Gujarat, and Madhya Pradesh. They are among the initial beneficiaries of the scheme. The PM had an engaging discussion with the representatives of these societies. Modi took stock of their current operations and how they plan to utilize the loan. The societies informed Modi about their plans to build godowns, setup grading, and sorting units. This will help farmers to secure a higher price for their produce.

 

Following his interaction with the Primary Agriculture Credit Societies, he also addressed the nation. Modi expressed confidence in how farmers and the agriculture sector will benefit from the scheme. He said the scheme shall provide a financial boost to the farmers and the agriculture sector. It will also increase India’s ability to compete on the global stage.

He restated that India has a huge opportunity to invest in post-harvest management solutions. PM also mentioned that this scheme will provide a good opportunity for start-ups in agriculture. They can avail of the benefits and scale their operations. This will create an ecosystem that reaches farmers in every corner of the country.

PM expressed his satisfaction with the pace of implementation of the PM-KISAN scheme. He also noted that the scale of the program is so large that the funds released today have reached more people than the entire population of several countries taken together.

He applauded states for playing an important role in the implementation and assisting farmers.

Narendra Singh Tomar, the Union Minister of Agriculture & Farmers’ Welfare was also present on the occasion.

 

The Agriculture Infrastructure Fund is a medium – long term debt financing facility. It is a facility for investment in viable projects for post-harvest management infrastructure and community farming assets.

The PM-KISAN scheme was launched in December 2018 to provide income support. It provides cash benefits to all landholding farmers. The sc!heme will enable them to fulfill their agricultural requirements. Under this scheme, the financial benefit of Rs.6000 per year is provided. The benefit is provided to eligible beneficiary farmers in three equal installments.

 

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Written by Headline8 Desk

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