PM Modi to launch financing facility worth Rs 1 lakh crore under Agricultural Infrastructure Fund tomorrow

Prime Minister Narendra Modi will launch a financing facility of Rs 1 lakh crore under the Agricultural Infrastructure Fund through a video conference on Sunday.

He will also release the sixth instalment of funds under the Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) scheme, a statement from the Prime Minister`s Office (PMO) said.

"The PM will launch a financing facility of Rs 1 lakh crore under the Agricultural Infrastructure Fund on August 9 at 11 am via video conferencing. He will also release the sixth instalment of funds of Rs. 17,000 crore to 8.5 crore farmers under the PM-KISAN scheme. The event will be witnessed by lakhs of farmers, cooperatives, and citizens across the country. Union Minister of Agriculture and Farmers` Welfare, Shri Narendra Singh Tomar, will also be present on the occasion," the statement said.

It further said that 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.

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," the statement added.

The statement also said that PM-KISAN scheme that was launched on December 2018 had provided a direct cash benefit of over Rs 75,000 crore 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 Crore to aid the farmers during the lockdown period," the statement added.