PM Modi to launch financing facility worth Rs 1 lakh crore under Agri-Infra Fund today

On the occasion of Balaram Jayanti on August 9, Prime Minister Narendra Modi will launch a financing facility of Rs 1 lakh crore under the Agricultural Infrastructure Fund through a video conference. During this program, he will also release the sixth instalment of funds of Rs 17,000 crore under the Pradhan Mantri Kisan Samman Nidhi Yojna, also known as the PM-KISAN scheme, to 8.5 crore farmers. Union Minister of Agriculture and Farmers’ Welfare, Shri Narendra Singh Tomar will also be a part of this launch along with PM Modi.

PM Modi finances farmers

Prime Minister Narendra Modi will officially launch the financing facility of Rs. 1 lakh crore under the 'Agricultural Infrastructure Fund' which aims to improve the post-harvest management infrastructure. The scheme has been instrumental in supporting farmers during the pandemic, PM Modi said in a tweet.

It will also help the farmers in gaining access to community farming facilities like cold storage, collection centres, processing units and much more. The Agricultural Infrastructure Fund will allow the farmers to store their produce and sell them at higher prices; which means that they will be able to obtain greater value for their produce. This move will also help them reduce wastage, and increase processing. These funds will be sanctioned in collaboration with multiple lending institutions. Under the Agricultural Infrastructure Fund, 11 of the 12 Public Sector Banks have already signed MOUs with the government. 

"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," read a press release by PM Modi. 

The sixth instalment of the PM-KISAN scheme will also be released by PM Modi during this launch. Under this scheme, Rs. 17,000 crores will be given to 8.5 crore farmers. Lakhs of farmers, cooperatives, and citizens across the country will witness this launch. 

"The Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) scheme, launched on 01 December 2018, has provided a direct cash benefit of over Rs. 75,000 Crore to more than 9.9 Crore farmers. This has enabled them to fulfil their agricultural requirements and support their families. The rollout and implementation of the PM-KISAN scheme has happened at an unparalleled pace, with funds being directly transferred into the Aadhaar authenticated beneficiaries’ bank account to prevent leakage and increase convenience for farmers. The scheme has also been instrumental in supporting farmers during the Covid-19 pandemic, through the release of nearly Rs 22,000 Crore to aid the farmers during the lockdown period," read PM Modi's release.

(With inputs from ANI)