The Prime Minister of India – Narendra Modi today, i.e., Sunday, August 9, 2020 launched a financing facility of Rs. 1 lakh crore, under the aegis of Agriculture Infrastructure Fund, for agri-entrepreneurs, start-ups, agri-tech players and farmer groups for post-harvest management and nurturing farm assets.
The scheme was launched through video conferencing. Also present on the occasion was Minister of Agriculture & Farmers Welfare – Narendra Singh Tomar. The duration of this new fund is 10 years and will continue till 2029.
The fund aims to provide medium-to-long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.The fund has been approved by the Cabinet as a part of Rs. 20 lakh crores stimulus package announced by Modi Government in response to the COVID-19 impact on farmers.
The Official twitter Handle of Prime Minister Office (PMO) India tweeted, “आज जो Agriculture Infrastructure Fund launch किया गया है, इससे किसान अपने स्तर भी गांवों में भंडारण की आधुनिक सुविधाएं बना पाएंगे: PM @narendramodi #AatmaNirbharKrishi.”
It further tweeted, “इस योजना से गांव में किसानों के समूहों को, किसान समितियों को, FPOs को वेयरहाउस बनाने के लिए, कोल्ड स्टोरेज बनाने के लिए, फूड प्रोसेसिंग से जुड़े उद्योग लगाने के लिए 1 लाख करोड़ रुपए की मदद मिलेगी: PM @narendramodi #AatmaNirbharKrishi.”
Under the fund, about 3% interest subvention and credit guarantee of up to Rs. 2 crores will be provided to the beneficiaries to enhance the viability of the projects. The loans will be disbursed over a period of 4 years. In the first year, Rs. 10,000 crores will be transferred and in the next 3 years, Rs. 30,000 crores will be transferred each year. The fund also offers a moratorium of payment ranging between 6 months to 2 years. Credit guarantee coverage is available for eligible borrowers under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme for a loan of up to Rs. 2 crores. The fee for this coverage will be borne by the Government.
In case of Farmer Producer Organisations (FPOs), credit guarantee may be availed from the facility created under the FPO promotion scheme of the Department of Agriculture, Cooperation and Farmers Welfare (DACFW). The funds will be provided for setting up of cold stores and chains, warehousing, silos, assaying, grading and packaging units, e-marketing points linked to e-trading platforms and ripening chambers, besides PPP projects for crop aggregation sponsored by central/state/local bodies.
Separately, Modi has also released the sixth installment of Rs. 17,100 crores to 8.55 crores farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme.
Under the PM-KISAN scheme, the government is providing annually Rs. 6,000 in three equal installments to 14 crore farmers. The amount is directly transferred into the bank accounts of the beneficiaries through direct benefit transfer (DBT) mode.
Transferring the funds, Modi said, “No middlemen or commission, it went straight to farmers. I am satisfied because the objective of the scheme is being fulfilled.”
The PMO India tweeted, “इसके साथ-साथ साढ़े 8 करोड़ किसान परिवारों के खाते में, पीएम किसान सम्मान निधि के रूप में 17 हज़ार करोड़ रुपए ट्रांस्फर करते हुए भी मुझे बहुत संतोष हो रहा है। संतोष इस बात का है कि इस योजना का जो लक्ष्य था, वो हासिल हो रहा है: PM @narendramodi #AatmaNirbharKrishi.”
Launched on December 1, 2018, the PM-KISAN scheme has already provided a direct cash benefit of over Rs. 75,000 crores to more than 9.9 crore farmers.
