THE AGRICULTURE INFRASTRUCTURE FUND
On 1st, August 2020 P.M Narendra Modi announced the launch of the Agriculture Infrastructure Scheme through video conference.
This scheme consists of 1 lakh crore of an agriculture infrastructure fund, handing over around 1,000 crores to across 2,200 farmer societies. Also, Prime Minister transferred 17,000 crores to PM-Kisan scheme for 8.5 crore framers as there 6th instalment of PM- Kisan scheme.
Basically, the new scheme has been launched to improve the agriculture sector as a large number of population work under this sector and agriculture infrastructure scheme will help agri– entrepreneurs, startups, Agri- tech players, and farmer groups for post-harvest management and nurturing farmer assets
The agriculture infrastructure fund will be for 10-year duration till 2029. Under this, every financial body will help farmers and people related to the agriculture sector, by giving loan from medium to long term debt for post-harvest management and other agriculture activity.
According to the guideline of the agricultural infrastructure, fund up to ₹ 2 crores will be spent with 3% interest and the loan will disburse with the sanction of ₹ 10,000 in 2020-21 to ₹ 30,000 in next three years.
This will help farmers and agriculturists in the startups and post-harvest management will also be beneficial for the development of our country.
Already 11 out of 12 public sector banks agreed and signed the memorandum of agreement with the Agriculture Ministry.
During the launch, PM Modi interacted with the farmers of Gujarat and Madhya Pradesh as mainly this scheme is for them and also informed them about the agriculture infrastructure fund. Not only this but also requested them to not to use chemical fertilizers for improvement in soil.
This scheme might help farmers of India and stable the economy.
BY- Anjali Sharma