Union Cabinet approved Agricultural Infrastructure Fund of Rs 1 lakh crores

On July 8, 2020, the union cabinet chaired by PM Modi approved a new Central Sector Scheme-Agricultural Infrastructure Fund of Rs 1 lakh crore.

Highlights

The scheme is to provide long tern and medium term debt financing facility to invest in viable agricultural projects. It will support community farming, post-harvest management infrastructure.

The allocated fund of Rs 1 lakh crore will be made available to Farmer Producer Organizations, Joint Liability Groups, Self Help Groups, Primary Agricultural Credit Societies, Multipurpose Cooperative Societies, Aggregation Infrastructure providers, startups, public-private partnership projects, etc.

Key Features

The scheme is to run for 10 years between 2020 and 2029. The scheme will facilitate farm and farm processing activities. It will also help to increase employment opportunities in farm based sector.

Agricultural Infrastructure Funds

The Fund is to be monitored through an online Management Information System platform. The platform will provide details about the interest rates offered by multiple banks, scheme details, faster approvals and also help in integrating with other beneficial schemes.

State, National and District monitoring committees are to be set up to ensure real time monitoring of the fund.

Month: Current Affairs - July, 2020