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PM KISAN – Rs. 17,000 Crore to be released to more than 8.5 crore farmers

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08 August 2020, New Delhi: Prime Minister Narendra Modi will release the sixth instalment of funds of Rs. 17,000 crore to 8.5 crore farmers under the PM-KISAN scheme. He will also launch the financing facility of Rs. 1 lakh crore under the Agriculture Infrastructure Fund on 9th August.

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The Union Cabinet has approved the Central Sector Scheme of financing facility under “Agriculture Infrastructure Fund” of Rs. 1 Lakh Crore. The Fund will catalyze the creation of post-harvest management infrastructure and community farming assets such as cold storage, collection centres, processing units, etc.

These assets will enable farmers to get greater value for their produce, as they will be able to store and sell at higher prices, reduce wastage, and increase processing and value addition.

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Rs. 1 Lakh Crore will be sanctioned under the financing facility in partnership with multiple lending institutions; 11 of the 12 Public Sector Banks have already signed MOUs with the DAC&FW. 3% interest subvention and credit guarantee of up to Rs 2 Crore will be provided to the beneficiaries to increase the viability of these projects.

The beneficiaries of the scheme will include farmers, PACS, Marketing Cooperative Societies, FPOs, SHGs, Joint Liability Groups (JLG), Multipurpose Cooperative Societies, Agri-entrepreneurs, Startups, and Central/State agency or Local Body sponsored Public-Private Partnership Projects.

Photo credit: Design for Health on Visual hunt / CC BY

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