In New Delhi, Union Agriculture Minister Shivraj Singh Chouhan on Friday launched a web portal to expedite clearance of banks' interest subvention claims submitted under the Agricultural Infrastructure Fund (AIF) and highlighted that Rs 43,000 crore has been sanctioned so far under this scheme.
The Department of Agriculture and NABARD have jointly developed this web portal to automate and expedite settlement of claims under AIF, according to an official statement.
Minister of State for Agriculture Bhagirath Choudhary was also present during the launch.
On the occasion, Chouhan said that the Modi government is committed to increasing the income of farmers by taking various measures.
He said the AIF was launched with a funding of Rs 1 lakh crore in a bid to increase crop storage capacity and reduce losses to farmers.
Chouhan highlighted that investments worth Rs 72,000 crore have been mobilized and Rs 43,000 crore have already been sanctioned for 67,871 projects under the AIF till June 28.
The minister said the recently launched automation of credit claims will ensure timely settlement of claims within a day, which would otherwise take months for manual settlement.
He said the move would also ensure transparency and check corrupt methods.
Chouhan informed that the automated system would help accurately calculate the eligible interest subsidy through the portal, avoiding possible human error in manual processing and also help in faster settlement of claims.
The portal would be used by banks, the Central Project Management Unit (CPMU) of the agriculture department and NABARD.
Automating the processing of interest subsidy and credit guarantee rate claims will help the government release accurate interest subsidy and reduce response time.
In turn, this will help farmers and agri-entrepreneurs financially and encourage them to undertake more such projects for the development of agriculture in the country.
The AIF scheme was launched in 2020, with the objective of developing post-harvest management infrastructure to reduce losses, achieve better value for farmers, innovate in agriculture and attract investments for creation of agricultural infrastructure with full financing disbursement of Rs 1 lakh crore. through banks and financial institutions until 2025-26.
The scheme provides for 3 per cent interest subvention to scheme beneficiaries on loans granted by banks up to Rs 2 crore for a maximum period of seven years, besides refund of credit guarantee fee paid by banks.
Chouhan also launched Krishi Katha, a blog aimed at serving as a digital platform to showcase the voice of Indian farmers, dedicated to amplifying the experiences, knowledge and success stories of farmers across the country.
He said the voices and stories of farmers are often left uncovered in the vast and diverse landscape of Indian agriculture.
“Krishi Katha” aims to provide a comprehensive and immersive storytelling space where the narratives of India's farming community can be shared and celebrated.
Chouhan highlighted that the launch of Krishi Katha is an important step towards recognizing and amplifying the voices of our farmers.
The Department of Agriculture and NABARD have jointly developed this web portal to automate and expedite settlement of claims under AIF, according to an official statement.
Minister of State for Agriculture Bhagirath Choudhary was also present during the launch.
On the occasion, Chouhan said that the Modi government is committed to increasing the income of farmers by taking various measures.
He said the AIF was launched with a funding of Rs 1 lakh crore in a bid to increase crop storage capacity and reduce losses to farmers.
Chouhan highlighted that investments worth Rs 72,000 crore have been mobilized and Rs 43,000 crore have already been sanctioned for 67,871 projects under the AIF till June 28.
The minister said the recently launched automation of credit claims will ensure timely settlement of claims within a day, which would otherwise take months for manual settlement.
He said the move would also ensure transparency and check corrupt methods.
Chouhan informed that the automated system would help accurately calculate the eligible interest subsidy through the portal, avoiding possible human error in manual processing and also help in faster settlement of claims.
The portal would be used by banks, the Central Project Management Unit (CPMU) of the agriculture department and NABARD.
Automating the processing of interest subsidy and credit guarantee rate claims will help the government release accurate interest subsidy and reduce response time.
In turn, this will help farmers and agri-entrepreneurs financially and encourage them to undertake more such projects for the development of agriculture in the country.
The AIF scheme was launched in 2020, with the objective of developing post-harvest management infrastructure to reduce losses, achieve better value for farmers, innovate in agriculture and attract investments for creation of agricultural infrastructure with full financing disbursement of Rs 1 lakh crore. through banks and financial institutions until 2025-26.
The scheme provides for 3 per cent interest subvention to scheme beneficiaries on loans granted by banks up to Rs 2 crore for a maximum period of seven years, besides refund of credit guarantee fee paid by banks.
Chouhan also launched Krishi Katha, a blog aimed at serving as a digital platform to showcase the voice of Indian farmers, dedicated to amplifying the experiences, knowledge and success stories of farmers across the country.
He said the voices and stories of farmers are often left uncovered in the vast and diverse landscape of Indian agriculture.
“Krishi Katha” aims to provide a comprehensive and immersive storytelling space where the narratives of India's farming community can be shared and celebrated.
Chouhan highlighted that the launch of Krishi Katha is an important step towards recognizing and amplifying the voices of our farmers.
