PM Modi launches financial facility of Rs. 1 lakh crore for farmers amid Covid-19

9 August, 2020 | newsx bureau

PM Modi National

Prime Minister Modi on Sunday took the initiative of launching a mega scheme for farmers, cooperative societies and other beneficiaries worth Rs. 1 lakh crore under the agricultural Infrastructure ...

Prime Minister Narendra Modi on Sunday launched the financing facility of Rs 1 lakh crore under Agriculture Infrastructure Fund and releases the sixth installment of funds under the Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) scheme via video conferencing.

Earlier in the day, he tweeted: “Wishing countrymen especially farmers on the occasion of Balaram Jayanti, ‘Hal Chhath’ and ‘Dau janmotsav’. On this special day at 11 am, through video conferencing, I will introduce a funding facility of Rs 1 lakh crore under the Agriculture Infrastructure Fund.”

“In this programme, the sixth installment of the assistance amount under ‘PM-Kisan scheme’ will also be released. Rs 17,000 crores will be transferred to the accounts of 8.5 crore farmers. The scheme is proving to be of great help to farmers during the COVID-19 epidemic,” he said in another tweet.

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“The fund would bring about the creation of post-harvest management infrastructures and community farming assets such as cold storage, collection centres and processing units. These assets will enable farmers to get greater value for their produce, as they will be able to store and sell at higher prices, reduce wastage and increase processing and value addition. Rs 1 lakh crore will be sanctioned under the financing facility in partnership with multiple lending institutions,” read a release by the Prime Minister’s Office (PMO).

The beneficiaries of the scheme will include farmers, PACS, Marketing Cooperative Societies, FPOs, SHGs, Joint Liability Groups (JLG), Multipurpose Cooperative Societies, agri-entrepreneurs, startups, and central/state agency or local body sponsored public-private Partnership Projects, it said.

PM-KISAN scheme, which was launched in December 2018, had provided a direct cash benefit of over Rs 75,000 crores to more than 9.9 crore farmers and enabled them to fulfil their agricultural requirements and support their families.

“The rollout and implementation of the PM-KISAN scheme have happened at an unparalleled pace, with funds being directly transferred into the Aadhaar authenticated beneficiaries’ bank account to prevent leakage and increase convenience for farmers. The scheme has also been instrumental in supporting farmers during the COVID-19 pandemic, through the release of nearly Rs 22,000 crores to aid the farmers during the lockdown period,” the release said.

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