MP govt expects more farmers to benefit from low interest rate
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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.

PTI


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


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