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PM LAUNCHES FINANCING FACILITY OF RS. 1 LAKH CRORE UNDER AGRICULTURE INFRASTRUCTURE FUND

PM LAUNCHES FINANCING FACILITY OF RS. 1 LAKH CRORE UNDER AGRICULTURE INFRASTRUCTURE FUND

Context

Prime Minister launched a new Central Sector Scheme of financing facility under the Agriculture Infrastructure Fund of Rs. 1 Lakh Crore.

Details

  • It will support farmers, PACS, FPOs, Agri-entrepreneurs, etc. to  build community farming assets and post-harvest agriculture infrastructure.
  • It will enable farmers to greater recieve 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 6th installment under the PM-KISAN scheme of Rs. 17,000 Crore to nearly 8.5 Crore farmers.

Agriculture Infrastructure Fund

  • It is a medium - long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and credit guarantee.
  • Its duration shall be from FY2020 to FY2029 (10 years).
  • Under the scheme, Rs. 1 Lakh Crore will be provided by banks and financial institutions as loans with interest subvention of 3% per annum and credit guarantee coverage under CGTMSE scheme for loans up to Rs. 2 Crore.
  • Beneficiaries : farmers, PACS, Marketing Cooperative Societies, FPOs, SHGs, Joint Liability Groups (JLG), Multipurpose Cooperative Societies, Agri-entrepreneurs, Startups, and Central/State agency or Local Body sponsored Public-Private Partnership Projects.

PM-KISAN

  • It was launched in December 2018.
  • It aims to provide income support of Rs.6000/- per year  in three equal installments by cash to all landholding farmers  to enable them to fulfill their agricultural requirements and support their families.

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