Agriculture Ministry Urges Banks to Promote Rs 1 Lakh Crore Agriculture Infrastructure Fund
In a bid to boost the agricultural sector and strengthen rural infrastructure, the Ministry of Agriculture has called upon banks to actively promote the utilization of the Rs 1 lakh crore Agriculture Infrastructure Fund. The fund, established to support agricultural infrastructure projects across the country, aims to enhance the productivity and efficiency of farmers while facilitating the overall growth of the agricultural economy.
Recognizing the pivotal role of robust infrastructure in transforming the agricultural landscape, the Ministry of Agriculture is taking proactive measures to ensure the widespread implementation of the Agriculture Infrastructure Fund. By encouraging banks to actively promote and disburse loans from the fund, the government aims to accelerate the development of rural infrastructure and alleviate the challenges faced by farmers.
The Agriculture Infrastructure Fund, launched as part of the Atmanirbhar Bharat Abhiyan (Self-Reliant India Campaign), is a dedicated financial resource designed to improve the availability of storage, warehousing, and processing facilities for agricultural produce. It focuses on projects such as cold storage chains, grading and packaging units, agri-startups, and agricultural infrastructure development at the primary, secondary, and tertiary levels.
With the assistance of the Agriculture Infrastructure Fund, farmers and other stakeholders in the agricultural sector can access affordable credit and financial support to establish modern infrastructure facilities. This, in turn, will enhance the value chain from farm to market and minimize post-harvest losses. The fund aims to address the prevailing infrastructure gaps in rural areas, strengthen supply chains, and ensure the seamless flow of agricultural produce across the country.
In its directive to banks, the Ministry of Agriculture has emphasized the need to spread awareness about the Agriculture Infrastructure Fund among farmers and agri-entrepreneurs. Banks are expected to actively engage with these stakeholders, apprise them of the fund’s benefits, and provide necessary guidance and support throughout the loan application and disbursement process.
Furthermore, the ministry has advised banks to streamline loan approval procedures, reduce bureaucratic hurdles, and expedite the processing of loan applications. This approach is aimed at ensuring quick and efficient access to funds for eligible beneficiaries, fostering an environment conducive to innovation and growth in the agricultural sector.
The Agriculture Infrastructure Fund is poised to play a pivotal role in achieving the government’s vision of doubling farmers’ incomes by 2022. By investing in agricultural infrastructure, the government aims to empower farmers, enhance their bargaining power, and create a sustainable ecosystem for rural development. It is hoped that this concerted effort will not only boost agricultural productivity but also contribute to the overall economic progress of the nation.
As the Ministry of Agriculture urges banks to actively promote the Agriculture Infrastructure Fund, it is expected that the utilization of this substantial financial resource will witness a significant upswing. Through this collaborative endeavor, the government, financial institutions, and farmers can work together to usher in a new era of growth and prosperity in the agricultural sector.
