Farm Machinery Bank Yojana,2023- Now Uttar Pradesh Farmers Can Get 80% Subsidy on Agriculture Machinery

The Farm Machinery Bank Yojana, launched in 2023, and initiated by PM Narendra Modi, aims at making agriculture-related machines or equipment available for rent. It is a transformative initiative aimed at revolutionizing Indian agriculture. With a focus on easing the financial burden on farmers and enhancing agricultural productivity, this scheme sets out to establish farm machinery banks across the country. By providing easy access to modern and advanced agricultural equipment, the Yojana aims to empower farmers, increase employment rates, and foster sustainable farming practices.

The article highlights the key objective of Farm Machinery Bank Yojana,2023 with its key features, benefits, and application procedure.

Objective of Farm Machinery Bank Yojana,2023

The Central Government has initiated the Farm Machinery Bank Yojana 2023 to ease the laborious tasks of sowing and harvesting for farmers. The scheme offers substantial subsidies of 80%, up to ten lahks to one crore rupees, to establish a farm machinery bank. Eligible farmers across the country can conveniently apply online to benefit from this program. With the support of modern agricultural machines, farmers can enhance their productivity and reduce difficulties in farming operations.

Opening Farm Machinery Bank in the village can help individuals and farmers to apply to Customer Hiring Center. Through this, one can avail 80 % subsidy by the government by purchasing seed fertilizer drill, plow, thresher, tiller, rotavator, and many more.

Also Read:- DBT Scheme in Indian Agriculture- Benefits, Registration Process

Benefits of Farm Machinery Bank Scheme,2023

• Support for Small and Marginal Farmers: The Farm Machinery Bank Yojana extends its benefits to small and marginal farmers across the country, providing them with access to modern agricultural machinery.

• Enhanced Access to Agricultural Machines: The scheme ensures that all types of agricultural machines are readily available in farmers' own villages, reducing the need for travel and increasing convenience.

• Subsidy Support: To facilitate the establishment of farm machinery banks, the government offers a generous subsidy of up to 80% of the total cost, ranging from one million to one crore.

• Youth Entrepreneurship:  Educated youth from farming backgrounds can leverage the scheme by opening Farm Machinery Banks in their villages, contributing only 20% of the total amount required.

• Increased Outreach: The central government has taken proactive steps to establish over 50,000 customer hiring centers across the nation, ensuring that the benefits of the scheme reach farmers in every corner of the country.

Farm Machinery Bank Scheme Data

Also Read:- PM PRANAM SCHEME: States to Get 50% Subsidy in Fertilizer Sector

Application Process

• Farmers interested in availing the benefits of the Farm Machinery Bank Yojana must first register themselves with the designated agricultural department or authority. The authorities will verify their eligibility based on certain criteria, such as landholding size and farming background.

• Farmers can select the nearest or most suitable machinery bank from the list of authorized banks participating in the scheme. This choice is crucial, as it determines the accessibility of the machinery.

• Farmers can then submit their applications to the selected machinery bank. The application form may be available online or in physical format, and it requires necessary details like personal information, land documents, and the type of machinery required.

• The submitted applications undergo a verification process to ensure that all the information provided is accurate and genuine. Once approved, farmers receive a confirmation of their application status.

• If the application is successful, farmers agree with the machinery bank, outlining the terms and conditions for renting the equipment. The government provides the approved subsidy amount (up to 80% of the total cost) to the machinery bank as per the agreement.

• Based on the approved application, the machinery bank allocates the requested machinery to the farmer for a specified duration. Farmers can use the equipment for their agricultural operations during this period and avail all the benefits provided by the scheme.

Conclusion

The Farm Machinery Bank Yojana brings a range of benefits to small and marginal farmers, empowering them with modern technology and easing their agricultural tasks. By promoting entrepreneurship among the rural youth and fostering sustainable farming practices, the scheme plays a pivotal role in transforming the agricultural landscape of the country.

Also Read:- Madhya Pradesh E- Krishi Yantra Anudan Yojana- Get 50 % Subsidy on Agri Machinery; Benefits & Process