Agriculture Infrastructure Fund Awards 2022
Agriculture Minister Narendra Singh Tomar is set to present Agriculture Infrastructure Fund Awards on July 30, 2022 in New Delhi. Awards are presented as a part of Agriculture Infrastructure Fund, which was launched in the year 2020, under Aatmanirbhar Bharat Initiative. It is a central government scheme.
About Agriculture Infrastructure Fund:
- Union Cabinet approved the “Agriculture Infrastructure Fund Scheme” to inoculate formal credits to farm and farm-processing based activities.
- This scheme is a part of “Rs. 20 lakh crore stimulus packages”, that was announced amid Covid-19 crisis.
- Scheme has been launched for financial year 2020-2029.
- It is aimed at providing medium-long term debt financing facility to invest in projects related to community farming assets and post-harvest management Infrastructure.
- Under the scheme, funds are provided to set up cold stores and chains, silos, warehousing, grading & packaging units, e-marketing points etc.
Important Features of the Scheme include;
- As a part of the scheme, loan amount of Rs. 1 Lakh Crore were provided by banks and financial institutions, to the Primary Agricultural Credit Societies, Farmer Producers Organisations, Marketing Cooperative Societies, Self Help Group (SHG), Farmers, etc.
- Loans are being disbursed in four years. Rs 10,000 crore was provided in the first year while, Rs. 30,000 crores are being provided in three instalments over three years.
- Moratorium for repayment has been fixed as 6 months to 2 years.
- Loans have the interest subvention of 3% per annum, with a limit of up Rs. 2 crores.
As per reports, ministry has received 23000 applications on integrated Portal of Agri Infra Fund. Out of these, 13700 applicants have been sanctioned more than 10,000 crore rupees.
Month: Current Affairs - July, 2022
Category: Agriculture Current Affairs • Economy & Banking Current Affairs - 2024 • Government Schemes Current Affairs