The coronavirus pandemic has hit all sectors of the economy very hard and the government is taking initiatives to revive the agricultural sector through various plans. They will provide the farmers credit facilities through Kisan Credit cards to help them come up with greater strength. Mostly loans are of high interest which is lend by private money lenders in the unorganized sector, difficult to afford by these people thus a low-interest loan can be availed through Kisan Credit card scheme.
The government hope that this attempt will create a tide in the agriculture sector which has declined considerably due to the impact of coronavirus pandemic. According to the statement given by the Ministry of Finance, a special saturation drive itself is underway to buffer the sector which will give concessional credit to farmers from the shock given by pandemic. The data as of 17th August, 1.22 crore farmers have been approved with the credit cards with a credit limit of over Rs 1 lakh crore. This strategy is expected to help and boost the rural economy and agricultural growth which is essential in the Indian economy.
The recently announced relief package amid coronavirus Atmanirbhar itself contains concessional credit of Rs 2 lakh crore for farmers and agriculture sector. It is expected that it will help around 2.5 crore farmers, which also includes dairy farmers and fishermen. There are other announcements made by Finance Minister Nirmala Sitharaman for the agriculture sector under the Rs 21 lakh crore economic package where setting up of Rs 1 lakh crore agriculture infrastructure to strengthen the investments in the farm sector, mainly focusing the cold storages, markets for framers and warehousing are decided.
On the day of Independence, the same was launched by our honourable prime minister Narendra Modi and he stated about the relevance of agriculture infrastructure in the Indian economy. He further stated that the fund kept aside for agriculture will provide better facilities, boost the sector as a whole and will double the income of farmers. He added that it will create employment opportunities as well as investment into the food processing sector and post-harvest activities in rural India.
PM Modi shifted the sixth instalment of cash payment for the farmers under PM-KISAN scheme. Almost 8.5 crore farmers received the fund of this scheme in their bank accounts. The total fund allocated for this scheme was Rs 17000 Crore. The scheme was launched by NABARD in the Year 1998 for the development of farming sectors and people related to it.
[…] declared an extension of the Kisan Credit Card (KCC) facility to the fishermen and animal husbandry farmers to benefit them for their demand on to the working capital, in the 2018-19 […]