Agriculture Infrastructure Fund crosses Rs. 8,000 crores mark

The Ministry of Agriculture and Farmers Welfare recently announced that the Agriculture Infrastructure Fund recently crossed Rs 8,000 crore mark. The Ministry has received 8,665 applications so far. The worth of these applications has amounted to Rs 8, 216 crores. Out of this, Rs 4, 000 crores have been sanctioned by the Ministry so far.

About the Applications and Sanctions

• The states that received maximum help through the fund are Andhra Pradesh, Madhya Pradesh, Uttar Pradesh, Karnataka, and Rajasthan.
• The largest share of the sanctioned application was contributed by the following sectors:
  • Primary Agricultural Societies: 58%
  • Agri-Entrepreneurs: 24%
  • Individual Farmers: 13%

Agriculture Infrastructure Fund

• In 2020, the Government of India established the Agriculture Infrastructure Fund to inject credit into agriculture and its allied activities.
• It was launched as a part of Atma Nirbhar Bharat. The main objective of the fund is to make the farmers self-reliant.
• Around One Lakh Crore of rupees was allocated for the fund.
• It is to be implemented between 2020 and 2029.
• The fund will be used to provide loans to the Marketing Cooperative Societies, Primary Agricultural Societies, Farmer Producers Organisation, Joint Liability Groups, Self Help Groups.
• The fund is being provided for setting up of warehouses, cold stores, silos, grading, packaging units, ripening chambers, etc.
• The loans provided under the finds will receive an interest subvention of 3% per annum up to two crores of rupees. This interest subvention is available for a period of seven years.
• The Agricultural Infrastructure Funds are managed by the Management Information System Platform.

Month: Current Affairs - April, 2021