Agri Infra fund: Prime Minister Narendra Modi launched a financing facility of Rs one trillion under the Agriculture Infrastructure Fund also known as the Agri Infra fund. He will also release the sixth installment of funds of Rs 17,000 crore to 85 million farmers under the PM-KISAN scheme, an official statement said on Saturday.

To improve farm gate prices and grower incomes, Prime Minister Narendra Modi on Sunday launched a ₹1 trillion agriculture infrastructure fund to give a leg up to post-harvest management and marketing of agricultural produce. The scheme will provide better warehousing and cold storage facilities for farmers, Modi said, adding that it will also help create new jobs as food processing and post-harvest facilities are set up in rural India.

The scheme will provide better warehousing and cold storage facilities for farmers, Modi said, adding that it will also help create new jobs as food processing and post-harvest facilities are set up in rural India.

The fund was launched with ₹1,128 crores of new loans disbursed to over 2,200 cooperative societies. The prime minister also transferred ₹17,100 crores to farmers under the PM-Kisan direct income assistance scheme. Under the infrastructure scheme, banks and financial institutions will provide ₹1 trillion in loans to cooperative societies, farmer producer companies, self-help groups, entrepreneurs, start-ups, and infrastructure providers.

The objective is to provide medium-to-long term debt financing for post-harvest infrastructure and community assets for the marketing of farm produce. According to the guidelines, all loans up to ₹2 crores will be disbursed with a 3% interest subsidy. The loans will be disbursed in the next four years with a sanction of ₹10,000 crore in 2020-21 and ₹30,000 crores in the next three years.

During the launch, Modi interacted with farmers from primary agriculture credit societies in states like Karnataka, Madhya Pradesh, and Gujarat. He urged farmers to stop indiscriminate use of chemical fertilizers like urea to improve soil health.

The objective is to provide medium-to-long term debt financing for post-harvest infrastructure and community assets for the marketing of farm produce. According to the guidelines, all loans up to ₹2 crores will be disbursed with a 3% interest subsidy. The loans will be disbursed in the next four years with a sanction of ₹10,000 crore in 2020-21 and ₹30,000 crores in the next three years.