Senior citizens are the essence of any country and to protect their needs, many schemes are lau...
Indian Prime Minister Narendra Modi launched a financing facility on 9th August 2020 of 1 lakh crore rupees under the agriculture infrastructure fund. This facility is set to support agri-entrepreneurs, start-ups, agric-tech players, etc. in building community farming assets post-harvest agriculture infrastructure.
The Indian Government had approved the setting up of an agri-infra fund last month with a corpus of 1 lakh crore rupees to extend subsidized credit for farm infrastructure projects.
The agri-infra fund is a medium to long-term debt financing facility for investment in viable projects for the post-harvest management infrastructure and community farming assets with interest subvention and credit guarantee. It may be noted that the scheme under the financing facility will be in duration for ten years from FY 2020 to FY 2029.
Under the scheme, 1 lakh crore rupees will be provided by banks and financial institutions as a loan with interest subvention of 3 percent per annum and credit guarantee coverage under the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) scheme for loans up to 2 crore rupees.
The Agri-infra fund will be managed and monitored via an Online Management Information System (MIS) platform. It will allow all the qualified entities to apply for a loan under the fund.
The online Management Information System platform will also provide benefits like the transparency of interest rates offered by multiple banks, the scheme details, including interest subvention and credit guarantee offered. It shall also comprise of minimal documentation and faster approval process and integration with other scheme benefits.
The following can apply for a loan under the agri-infra fund:
The potential benefits of this scheme are as mentioned below:
Pradhan Mantri Kisan Samman Nidhi (PM Kisan Scheme) is a central sector scheme with 100 percent funding from the Government of India. It is an ongoing scheme that was implemented in 2018. This scheme was launched to provide support by way of the cash benefit to all landholding farmers to enable them to fulfill their agricultural needs and to support their families. A financial benefit of 6000 rupees per year is given to eligible beneficiary farmers in 3 equal installments.
Along with the agriculture infrastructure fund the Prime Minister also released the sixth installment of 17, 100 crore rupees under the PM-Kisan Scheme to more than 8.55 crore farmer beneficiaries.
Read our article:Pradhan Mantri Kisan Samman Nidhi Scheme