New Delhi: Prime Minister Narendra Modi on Sunday inaugurated a Rs 1 lakh crore agriculture infrastructure fund project. Speaking at a video conference in Delhi, he said it would help agro-entrepreneurs, agro-technicians, and farmer groups who are currently in distress.
Agriculture Minister Narendra Singh Tomar and senior officials of the Agriculture Ministry were also present.
The project is a medium- to long-term mega loan financing program for the government to invest in the form of financial support and interest on agricultural infrastructure management, community crop wealth, farm assets after the harvest of farmers. Under this scheme, about Rs 1 lakh crore is being loaned through various institutions to primary agro-credit societies, farmer groups, farmer’s associations, agribusinesses, start-ups, and agro-technical organizations.
The scheme also covers Covid-19 as part of an economic package of Rs 20 lakh crores released by the central government to overcome financial hardship. Through this Agrarian Infrastructure Fund, farmers will be able to finance the purchase of modern agricultural equipment that will enable them to collect and sell their crops. This can be done by collecting items that are easily spoiled at a lower price and selling them at a higher price.