PM to launch financing facility under Agriculture Infrastructure Fund

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Putting into motion decisions aimed at helping farmers get a better price for their produce at farm gates, Prime Minister Narendra Modi on Sunday launched a Rs 1 lakh crore Agriculture Infrastructure Fund to support community farming assets across the country and said this would enhance India's ability to compete globally in the agri sector.

At the event, the Prime Minister also released ₹17,000 crore to 8.5 crore farmers as the sixth instalment of the PM-Kisan scheme, taking the total amount disbursed under it to ₹90,000 crore since its launch in February a year ago.

Patil tweeted saying, "I express my honest gratitude to our Honourable PM for identifying Ugane PACS in Hassan District of Karnataka for interaction".

Created to help farmers, the fund will catalyse the creation of post-harvest management infrastructure and community farming assets such as cold storage, collection centres and processing units.

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The government regarding the package maintained that the farmers will be able to avail a greater value for their produce.

Mr Modi also interacted with farmers of Gujarat, Madhya Pradesh and Karnataka.

"On this auspicious occasion, a special fund of Rs 1 lakh-crore has been launched to create agriculture-related infrastructure facilities in the country".

The beneficiaries will include farmers, PACS, Marketing Cooperative Societies, FPOs, self-help groups, Joint Liability Groups, Multipurpose Cooperative Societies, agri-entrepreneurs, start-ups, and Central/State agency or Local Body sponsored Public-Private Partnership Projects.

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Under the fund, about 3 per cent interest subvention and credit guarantee of up to Rs 2 crore will be provided to the beneficiaries to increase the viability of the projects.

Under the PM-KISAN scheme, the government is providing annually Rs 6,000 in three equal installments to 14 crore farmers.

Making the announcements at a programme to launch the scheme through video-conference, the Prime Minister said, "Farmers are now ready to be entrepreneurs, in line with the vision of doubling farmers' income". "The cash benefit was transferred directly to their Aadhaar verified bank accounts with the press of a button", an official statement said.

Mr Modi said the objective of making farmers self sufficient is being fulfilled through the PM-KISAN scheme.

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