One lakh crore fund has been provided under the “Agriculture Infrastructure Fund” in the Aatmanirbhar Bharat Abhiyan Package announced by the Prime Minister of India, Shri Narendra Modi. Under this, loans up to two crores will be given to farmers and other agricultural institutions, in which the government will give subsidy at the interest rate. In this article, we will tell you in detail about the Agriculture Infrastructure Fund and will also give information about who can get this loan, which banks will give this loan, eligibility, guidelines pdf, so let us know in detail about the Agri Infrastructure Funds (एग्रीकल्चर इंफ्रास्ट्रक्चर फण्ड – कृषि अवसंरचना निधि).
|Key Points of the Scheme 2020:|
|Article||Agriculture Infrastructure Fund
(कृषि अवसंरचना निधि)
|Beneficiary||Farmers and other agricultural-related individuals and institutions|
|Loan amount||Maximum 2 Crore|
|Duration||7 Years (Approximately)|
|Rate of interest||3%|
|Official Website||Click Here|
|Scheme Guidelines PDF||Download Here|
- 1 Agriculture Infrastructure Fund under Self-reliant India Package-
- 1.1 PM announces Agriculture Infrastructure Fund for Farmers-
- 1.2 Main Framework of Agriculture Infrastructure Fund-
- 1.3 Objectives of Agriculture Infrastructure Fund (AIF)-
- 1.4 Who will be loaned under the Agriculture Infrastructure Fund?
Agriculture Infrastructure Fund under Self-reliant India Package-
The Prime Minister of India, Mr. Narendra Modi, had announced a financial package towards making India self-reliant, under which a package of 20 lakh crores was announced by the government, which would make different sectors as separate economic packages. Under this scheme, loans will be given for the manufacture of indigenous goods under the Aatmanirbhar Bharat Abhiyan. The Economic Package of Self-Reliant India was announced by the Finance Minister of India, Smt Nirmala Sitharaman in May 2020, in which he said that one lakh crore agricultural infrastructure fund will be given.
Now Pradhan Mantri Narendra Modi Ji has explained in detail the scheme under this one lakh crore एग्रीकल्चर इंफ्रास्ट्रक्चर फण्ड, the government will spend about one lakh crore rupees under the agriculture infrastructure fund in the next 4 years. Under the scheme, the central government will bear up to 3% interest on the subsidy and take a guarantee of up to 2 crores or at least 7 years on the loan. Eleven of the 12 banks in the sector have signed a memorandum of understanding with the Ministry of Agriculture. Construction of cold store, collection center, processing unit, etc will be done with the loan amount received under the scheme. Farmers can preserve perishable material grains and other things for a long time and they can get a fair price of grains.
Hon'ble PM launched new Central Scheme of financing under Agriculture Infrastructure Fund of Rs.1 Lakh Cr & released the 6th installment under #PMKisan. He also interacted with Primary Agriculture Credit Society members from Karnataka, Gujarat & MP via NIC VC Service.#NICMeitY pic.twitter.com/06wQClwzvt
— NIC (@NICMeity) August 9, 2020
PM announces Agriculture Infrastructure Fund for Farmers-
Modi Ji started this scheme through video conferencing and also interacted with farmers all over the country and also brought the sixth installment of funds under PM Kisan Yojana, which is about 17 hundred crores, to 8.5 crore farmers. The fund is a major step towards Agri-market rights. The Modi Govt had earlier issued three ordinances related to the legal framework for the liberalization of agricultural markets. All these ordinances relate to amendments to the Essential Commodities Act, which allows farmers to sell their crops outside the APMC Mandis and to encourage agricultural contracts between farmers, processors, exporters, and retailers.
A change in the legal framework is a necessary condition for the agricultural markets to operate properly, although doing just this is not enough. Creating a post-harvest physical framework is as important as a change in the legal framework related to it. AIF will fully assist in filling this gap. The positive impact of all this will depend entirely on how quickly and with integrity, states, FPOs, and individual entrepreneurs implement the reforms initiated by the central government.
Main Framework of Agriculture Infrastructure Fund-
Under this fund scheme, a total loan of one lakh crore will be given by banks and financial institutions to farmers, Self-help Groups (SHGs), joint liability groups, primary agricultural credit societies, farmer producer organizations, multipurpose cooperative societies.
- The full amount of the loan will be disbursed to one lakh crore in 4 years. Out of which a loan of 10 thousand crores will be given this year and a loan of 30 thousand crores in the coming 3 years.
- The repayment period will be between 6 months to 2 years.
- Loan amount up to two crores will be charged at the rate of 3% per annum.
- The maximum duration for which will be 7 years.
- A credit guarantee coverage will also be provided to the eligible person taking a loan of up to two crores.
- The fund will be managed and maintained online by the management information system.
- A committee will be set up at the central, state, and district levels for a thorough examination of the fund, to ensure that the fund is properly distributed and utilized.
Objectives of Agriculture Infrastructure Fund (AIF)-
Loans will be provided by banks and financial institutions for farmers and other agricultural-related work under the Agri Infrastructure Fund (एग्रीकल्चर इंफ्रास्ट्रक्चर फण्ड). With which the agricultural markets will get a new direction and farmers will also be given a loan to build a storage house to keep their grains safe. So that he can save his crop for a long time and get a good price for it. This will also remove the problem of spoilage of grains and the grains can be stored for a long time so that they can be used properly when needed.
Who will be loaned under the Agriculture Infrastructure Fund?
The list of loans that can be obtained under this scheme (कृषि अवसंरचना निधि) is as follows:
- Agricultural entrepreneur
- Agricultural startup
- Primary Agricultural Branch Committee
- Self-help Groups
- Marketing cooperative society
- Multipurpose cooperative society
- Farmer production organization
- Liability group
Agriculture Infrastructure Fund – PIB Notification: Click Here
List of banks lending under Agri Fund Scheme:
The list of banks that will provide loans under the Agriculture Infrastructure Fund is as follows:
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- UCO bank
- Indian Bank
- Bank of Maharashtra
- Canara Bank
- Union Bank of India (UBI)
- Bank of India
- Bank of Baroda
- Punjab and Sindh Bank
- Central Bank of India
- Indian Overseas Bank
List of approved projects under the scheme:
The list of projects approved under the Agriculture Infrastructure Fund is as follows:
- Underground chamber
- The warehouse
- Supply chain service
- Cold chain
- Cooking market
- Logistics facilities
- Primary processing center
- Sorting and Grading Unit
- Testing units
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