PM to launch financing facility under Agriculture Infrastructure Fund

Hal chhath is a festival dedicated to Balaram the elder brother of Lord Krishna

Prime Minister Narendra Modi today launched one lakh crore rupees Agriculture Infrastructure Fund under PM- Kisan scheme.

It will provide for funding of agriculture infrastructure projects at the farm-gate and aggregation points such as primary agricultural cooperative societies, farmer producer organisations and agriculture entrepreneurs, among others.

The fund has been launched in a bid to make farmers self-reliant under PM Modi's clarion of an "Atmanirbhar Bharat" (self-reliant India). He also thanked the Prime Minister for transferring 17 thousand crore rupees to the accounts of 8.5 Crore farmers under "PM-Kisan" for the development of agriculture sector and rural areas.

Moreover, these funds will enable the 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. He said this will generate new employment opportunities and will also strengthen the rural economy. "The Fund will catalyse the creation of post-harvest management infrastructure and community farming assets such as cold storage, collection centres, processing units", the Prime Minister's Office said in a statement.

He also mentioned that this scheme provides a good opportunity for start-ups in agriculture to avail the benefits and scale their operations, thereby creating an ecosystem that reaches farmers in every corner of the country.

Rs 1,000 crore has already been sanctioned to over 2,280 farmer societies.

"On this auspicious occasion, a special fund of Rs 1 lakh-crore has been launched to create agriculture-related infrastructure facilities in the country".

Under the scheme, a loan amount of Rs 1 lakh crore will be made available for four years.

At the event, the Prime Minister also released ₹17,000 crore to 8.5 crore farmers as the sixth instalment of the PM-Kisan scheme, taking the total amount disbursed under it to ₹90,000 crore since its launch in February previous year. The government said that the funds have enabled farmers to fulfil their agricultural requirements and support their families. The cash benefit was transferred directly to the farmers' Aadhaar-verified bank accounts with the press of a button. During the lockdown period, the scheme led to a release of almost Rs 22,000 crore to aid the farmers.



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