Rs 1 lakh crore fund to be created for agriculture infrastructure projects

The Finance Minister said the focus has been on short term crop loans while investment in long term agriculture infrastructure has often not been enough.

Image courtesy: Twitter/PIB

New Delhi: Union Finance Minister Nirmala Sitharaman on Friday (May 15) announced Rs 1 Lakh crore fund for agriculture Infrastructure for farmers, saying, "Financing facility of Rs 1,00,000 crore will be provided for funding agriculture infrastructure projects at farm-gate and aggregation points. The impetus for development pf farm-gate and aggregation point, affordable and financially viable post-harvest management infrastructure."

As she said at the beginning of her media briefing that the third tranche will focus on agriculture, fisheries, dairy, food processing, and allied activities, agri-infrastructure related points are given below: 

- Lack of adequate cold chain and Post Harvest Management infrastructure in the vicinity of farm-gate causing gaps in value chains. 

- Focus has been on short term crop loans while investment in long term agriculture infrastructure has often not been enough. 

- Financing facility of Rs 1,00,000 crore will be provided for funding Agriculture Infrastructure Projects at farm-gate and aggregation points (Primary Agricultural Cooperative Societies, Farmers Producer Organisations, Agriculture entrepreneurs, Start-ups, etc.) 

- The impetus for development of farm-gate & aggregation point, affordable and financially viable Post Harvest Management infrastructure 

- Fund will be created immediately. 

The Finance Minister also elaborated additional steps taken for fisheries during COVID-19 lockdown: 

To help Fisheries sector, operations of Marine Capture Fisheries and Aquaculture has been relaxed to cover Inland Fisheries #AatmaNirbharDesh #AatmanirbharBharat pic.twitter.com/9FIctB0a5F

— PIB India #StayHome #StaySafe (@PIB_India) May 15, 2020

- All 4 COVID related announcements for fisheries implemented 
- Validity of Sanitary Import Permits (SIPs) for import of Shrimp Broodstock extended by 3 months 
- Condoned delay up to 1 month in the arrival of Broodstock consignments 
- Allowed rebooking of Quarantine cubicles for cancelled consignments with no additional charges 
- Verification of documents and grant of NOC for Quarantine relaxed from 7 days to 3 days 
- Registration of 242 Registered Shrimp hatcheries and Nauplii Rearing Hatcheries expiring on 31.03.2020 extended for 3 months 
- Operations of Marine Capture Fisheries and Aquaculture relaxed to cover Inland Fisheries