Saturday January 20, 2018
Home India Arunachal Pra...

Arunachal Pradesh to provide zero interest Crop Loan to Marginal Farmers of the state

0
//
72
Farmers in the field (representative Image), Wikimedia
Republish
Reprint

Itanagar, May 22, 2017: The Arunachal Pradesh government has decided to provide zero interest crop loan to marginal farmers of the state to enable them easy access to formal credit through banking channels, an official said on Monday.

According to a Finance Department notification of May 7, 2017, the government has decided to launch “Chief Minister’s Krishi Rinn Yojana”, under which it would provide interest subvention of 4 per cent on crop loan/Kisan Credit Card (KCC) limit up to Rs 3 lakh sanctioned by all banks to all farmers of the state during the current financial year.

NewsGram brings to you latest new stories in India.

This interest subvention will be over and above the subvention given by the central government to banks and the farmers as per policy issued by the Reserve Bank of India and NABARD.

“The farmers would also get interest relief at the rate of 3 per cent per annum if they promptly repay their short-term production credit (crop Loan) within one year of disbursement of such loan. In effect, farmers who take loan up to Rs 3 lakh and make timely repayments will get access to zero interest credit facility,” the official said.

The NABARD will act as channel partner for reimbursement to banks against interest subvention amount claims.

Go to NewsGram and check out news related to political current issues.

A certificate of area and crop being cultivated issued by circle officer will be accepted as valid documents by banks for issuance of Kisan Credit Card to the farmers, the notification said.

Benefit under the scheme will be extended to farmers availing KCC/crop production loan from commercial banks, APRB and APSCAB Ltd at the same terms and conditions prescribed by the RBI/ NABARD.

Chief Minister Pema Khandu has set a target of 7,500 farmers to be covered under the Chief Minister’s Krishi Rinn Yojana in this financial year.

Look for latest news from India in NewsGram.

The district-wise or bank-wise target will be circulated separately to all District Collectors and concerned banks. This target will be reviewed later and any bank which fails to meet the stipulated target would be reported to the RBI and Department of Financial Services, he said.

Moreover, the circle officers will function as Financial Extension Officers of the state government and also help the banks in timely recovery of crop loans. (IANS)

Click here for reuse options!
Copyright 2017 NewsGram

Next Story

Indian Agriculture status, Importance & Role In Indian Economy

The aggregate growth in the agricultural sector determines that the future of the agrarian economy is not bleak

0
//
116
Agriculture
Agriculture in India. Wikimedia.
  • Despite people shifting their occupations from agriculture, UN states that India ranks second in the agricultural production in the world
  • India’s horticulture production has also increased

Sep 20, 2017: Indian agriculture is facing a huge crisis since many years. Despite continuous reports suggesting that the agrarian economy of India is getting affected, as people are shifting away from the agricultural sector and are moving towards industrial sector development, the food and agriculture organization of United Nations (UN) has stated that India ranks second in the agricultural production of the World. In the past 11 years, the country’s agricultural production has increased from $87 billion in the financial year 2004-05 to $322 billion in the fiscal year 2015-16.

Interestingly this is not just the only positive point being witnessed about the agricultural situation of the nation. The country’s horticulture production has also increased with the passage of time. The horticultural production includes fruits, vegetables, plantation crops, and spices. The increasing demand of fruits and vegetables has augmented the production estimate to 295 million tonnes in 2016-17, which is 3.2 % higher than the production in 2015-16.

Also Read: WHO says Millions of People are Dying Pre-mature Deaths Due to Non-Communicable Diseases.

Earlier in May, the agriculture ministry released a second advance estimate of horticulture production, stating that the farm area under the horticulture crops has recorded an increase. The increase was from 245 lakh hectares of farm in 2015-16 to 249 lakh hectares in 2016-17. The Indian economy’s earnings from agriculture as compared to the service sector has been absolutely great. The net export from agriculture was noted $16 billion, and those from the commercial service were 9% in 2014.

When the country is facing even greater challenges like farmer suicides, protests, and monsoon failure, figures like these tend to bring smiles on our faces, even if it is for a short time. The aggregate development can never alleviate the plight of farmers.
The percentage growth may satisfy the government and us both, but does it really satisfy the farmers? A wiser approach like good law and order towards the handling of problems and crisis should be taken, and then only can there be a better future in the agriculture.

by Megha Acharya of NewsGram.


NewsGram is a Chicago-based non-profit media organization. We depend upon support from our readers to maintain our objective reporting. Show your support by Donating to NewsGram. Donations to NewsGram are tax-exempt.