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MP govt expects more farmers to benefit from low interest rate

Last Updated: Sunday, April 24, 2011 - 21:27

Bhopal: Over 30 lakh farmers in Madhya
Pradesh are expected to borrow nearly Rs 6500 crore for
agricultural purposes as the state government has lowered the
rate of interest on farm-loans to one percent.

The sources in the state government on Sunday said that
farmers availed loans to the tune of Rs 5746 crore against the
target of Rs 5000 crore in the just concluded financial year
in stark contrast with measly borrowings of Rs 1275 crore in
the last financial year owing to 16 per cent rate of interest.

In the last four years, the number of farmers
benefited by the low interest rate has risen to one crore.
The state government has provided Rs 313.97 crore for
the co-operative banks to grant loans and also made a special
provision of Rs 300 crore in the state budget for the purpose.


First Published: Sunday, April 24, 2011 - 21:27

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