PM launches Rs 1 lakh cr agriculture infrastructure fund
Prime Minister Narendra Modi has launched one lakh crore rupees agriculture infrastructure fund to give a leg up to post-harvest management and marketing of agricultural produce. Speaking on the occasion, Mr Modi said the scheme will provide better warehousing and cold storage facilities for farmers. He said new jobs will be created as food processing and post-harvest facilities are set up in rural areas.
Prime Minister said, the scheme will enable startups to scale up their operations and India to build a global presence in organic and fortified food. The fund was launched with 1,128 crore rupees of new loans disbursed to more than 2,200 cooperative societies. During the event, the Prime Minister also transferred 17,100 crore rupees to more than 8.5 crore farmers under the PM-Kisan direct income assistance scheme.
Under the infrastructure scheme banks and financial institutions will provide one lakh crore in loans to cooperative societies, farmer producer companies, self-help groups, entrepreneurs, startups and infrastructure providers. The objective is to provide medium to long-term debt financing for setting up of post-harvest infrastructure and community assets for marketing of farm produce.