Agriculture Infrastructure Fund Awards 2022

Agriculture Minister Narendra Singh Tomar is set to present Agriculture Infrastructure Fund Awards on July 30, 2022 in New Delhi. Awards are presented as a part of Agriculture Infrastructure Fund, which was launched in the year 2020, under Aatmanirbhar Bharat Initiative. It is a central government scheme.

About Agriculture Infrastructure Fund:

• Union Cabinet approved the “Agriculture Infrastructure Fund Scheme” to inoculate formal credits to farm and farm-processing based activities.
• This scheme is a part of “Rs. 20 lakh crore stimulus packages”, that was announced amid Covid-19 crisis.
• Scheme has been launched for financial year 2020-2029.
• It is aimed at providing medium-long term debt financing facility to invest in projects related to community farming assets and post-harvest management Infrastructure.
• Under the scheme, funds are provided to set up cold stores and chains, silos, warehousing, grading & packaging units, e-marketing points etc.

Important Features of the Scheme include;

• As a part of the scheme, loan amount of Rs. 1 Lakh Crore were provided by banks and financial institutions, to the Primary Agricultural Credit Societies, Farmer Producers Organisations, Marketing Cooperative Societies, Self Help Group (SHG), Farmers, etc.
• Loans are being disbursed in four years. Rs 10,000 crore was provided in the first year while, Rs. 30,000 crores are being provided in three instalments over three years.
• Moratorium for repayment has been fixed as 6 months to 2 years.
• Loans have the interest subvention of 3% per annum, with a limit of up Rs. 2 crores.

As per reports, ministry has received 23000 applications on integrated Portal of Agri Infra Fund. Out of these, 13700 applicants have been sanctioned more than 10,000 crore rupees.