8,665 applications received for agri loan worth ₹ 8,216 cr
The AIF scheme, implemented in 2020-21 for 10 years, about Rs 1 lakh cr will be provided by banks and financial institutions as loans with interest subvention of 3% per annum and credit guarantee coverage under CGTMSE for loans up to Rs 3 cr
image for illustrative purpose
New Delhi The Centre on Wednesday said it has so far received 8,665 applications seeking subsidised loan worth Rs 8,216 crore under the Agriculture Infrastructure Fund (AIF) scheme launched to augment post-harvest infrastructure in the country.
Under the AIF scheme, implemented in 2020-21 for ten years, about one lakh crore will be provided by banks and financial institutions as loans with interest subvention of three per cent per annum and credit guarantee coverage under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) for loans up to three crore.
"Agriculture Infrastructure Fund has crossed the Rs 8,000 crore mark, after receiving 8,665 applications worth Rs 8,216 crore," the Agriculture Ministry said in a statement. Out of this, over Rs 4,000 crore has been sanctioned so far, it said. Maximum applications have been received from Primary Agricultural Credit Societies (PACS) followed by agri-entrepreneurs and individual farmers, it said. These investments are for a wide range of projects which will unlock value for farmers across the country. States leading the front are Andhra Pradesh (2,125 applications), Madhya Pradesh (1,830), Uttar Pradesh (1,255), Karnataka (1,071) and Rajasthan (613), it added.
Stating that AIF will bring together the collective power of all stakeholders in the agriculture ecosystem, the ministry said, "While most of these states are leveraging their strong cooperatives network to take the lead, Madhya Pradesh stands out with the highest non-PACS applications.
The ministry is taking several initiatives to accelerate on-ground investments. It has directly reached out to over 150 FPOs and livelihood organisations, along with IFFCO, HAFED, NAFED and others. These initiatives have led to not only an overall increase in applications but an increase in interest in innovative infra projects such as custom hiring centres and farm machinery banks for which 130 applications have been received.
About 200 applications are for developing infrastructure for smart and precision agriculture. The ministry said it has created a portal 'agriinfra.dac.gov.in' for the scheme where stakeholders can submit applications and monitor the progress of the applications.
