PM Modi launches ₹1 lakh crores Agriculture Infrastructure Fund

Description

Context: Prime Minister Narendra Modi launched a new financing scheme under the ₹1 lakh crores Agriculture Infrastructure Fund meant for setting up storage and processing facilities.

Details:

It will help farmers get higher prices for their crops.
The first ₹1,000 crores was sanctioned to over 2,280 farmer societies under the Agriculture Infrastructure Fund.
The scheme will support farmers, PACS [Primary Agricultural Credit Societies], FPOs [Farmer Producer Organisations], agri-entrepreneurs, etc. in building community farming assets and post-harvest agriculture infrastructure.
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.
The agriculture fund, a 10-year ₹1 lakh crores scheme starting this financial year, is a medium-long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and credit guarantee.

Reference:

https://www.thehindu.com/news/national/pm-launches-financing-facility-worth-1-lakh-crore-under-agri-infra-fund/article32308433.ece#:~:text=Prime%20Minister%20Narendra%20Modi%20on,crops%2C%20according%20to%20government%20statement.