Agriculture Credit Target Set At Record Rs 10 Lakh Cr

Press Release ( - INDORE, India - Feb 02, 2017 - Considering distress and suicides of Farmers in the past year, Finance Minister Arun Jaitley announced a number of offering for farmers including an ambitious target of providing credit of Rs. 10 lakh cr, in the fiscal 2017-18. The agriculture sector is set to grow at 4.1% in the year and the government will endeavor to offer a record high funds as credit to the farmers.

The farmers will also benefit from the 60-day interest waiver recently announced for loans taken from co-operative societies. About 40% of the small and marginal farmers avail credit from the primary agriculture societies, which act as a front for loan disbursements, Jaitley said.

Jaitley increased the total outlay for agriculture, allied and rural sectors by nearly a fourth to Rs. 1,87,223 crore for next financial year.

A dedicated micro-irrigation fund will also be established under NABARD with an initial corpus of Rs 5,000 crore. Jaitely said that the e-National Agricultural Market will be extended to 500 Agricultural Produce Market Committees, so as to ensure farmers get better prices for their produce.

To boost post-harvest facilities, an assistance of upto Rs 75 lakh will be provided to each e-National Agricultural Market for establishment of cleaning, grading and packaging facilities to boost the value addition of the farmers’ produce.

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Source : Pinnacle Market Investment Advisory

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