Union Home Minister Amit Shah has expressed his gratitude to Prime Minister Narendra Modi for launching the Rs 1 lakh crore 'Agriculture Infrastructure Fund' approved by the cabinet and for transferring Rs 17,000 crore to the accounts of 8.5 crore farmers under 'PM-Kisan' for the development of agriculture sector and rural areas.
In a series of tweets, Shah said that Agriculture Infrastructure Fund will accelerate the creation of many infrastructure projects such as cold storage, collection centers, processing units so that our hardworking farmers can get the true value for their produce. This will generate new employment opportunities and will also strengthen the rural economy, he said.
He further stated that "agriculture is the foundation of the Indian economy and the Modi government has been striving to strengthen it for the last six years".
Amit Shah emphasised that "many unprecedented steps have been taken for doubling the income of farmers and for the development of the agriculture sector". The Union Home Minister added "I am confident that due to the untiring efforts of Prime Minister Narendra Modi, Indian agriculture will become world class in the times to come".
Earlier today, PM Modi launched a new central sector scheme of financing facility under the Agriculture Infrastructure Fund of Rs 1 lakh crore. The scheme will support farmers, PACS, FPOs, agri-entrepreneurs, etc. in building community farming assets and post-harvest agriculture infrastructure. 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.
The Agriculture Infrastructure Fund is a medium - long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and credit guarantee. The duration of the scheme will be from FY20 to FY29 (10 years). Under the scheme, Rs 1 Lakh crore will be provided by banks and financial institutions as loans with interest subvention of 3 per cent per annum and credit guarantee coverage under CGTMSE scheme for loans up to Rs 2 crore.
At the same event, the Prime Minister also released the 6th installment under the PM-KISAN scheme of Rs 17,000 Crore to nearly 8.5 crore farmers. The cash benefit was transferred directly to their Aadhaar verified bank accounts with the press of a button. With this transfer, the scheme has provided over Rs 90,000 crore in the hands of more than 10 crore farmers since its launch on December 1, 2018.