Agriculture Infrastructure Fund Raises Rs. 30,000 Crore In Capital Mobilization
With a sanctioned amount of Rs. 15,000 crores under the 'Agriculture Infrastructure Fund' (AIF), the scheme has raised more than Rs. 30,000 crores for projects in the agriculture infrastructure sector in less than two and a half years since it was implemented.
According to officials, there are more than 20,000 AIF beneficiaries whose dream of diversifying their profile and taking a step forward in agricultural development has come true thanks to AIF support. AIF is quietly altering the landscape of Indian agriculture by constructing and modernizing much-needed agricultural infrastructure. These infrastructure projects aid in the reduction of post-harvest losses, the modernization of agricultural packages and practices, and the better price realization of farmers' produce.
Agriculture Infrastructure Fund Success Stories
Yogesh and Anand are two of the more than 20,000 AIF beneficiaries whose desire to diversify their profile and advance agricultural development was made a reality thanks to AIF assistance.
Yogesh CB from the Mandya district of Karnataka wanted to establish a primary vegetable processing facility. He discovered the AIF scheme in 2020 while searching for available government support. On the AIF portal, he applied for a loan worth Rs. 1.9 crore, which was quickly approved by the Bank of India in December 2020 after being approved by the Ministry of Agriculture and Farmers Welfare.
Similarly, Anand Patel, a farmer from Madhya Pradesh's Jabalpur district, recognized the importance and necessity of agricultural mechanization, particularly for small and marginal farmers who cannot afford agricultural machinery. Mr. Patel was able to secure a loan of Rs. 45.62 Lakhs at an interest rate of only 5.4% thanks to the Agriculture Infrastructure Fund and its unique feature of convergence with other Central Government and State Government schemes. He also benefited from a capital subsidy of 40% of the total project cost through the MoA&FW's SMAM scheme.
AIF is providing all-around financial support to farmers, agri-entrepreneurs, farmer groups like Farmer Producer Organizations (FPOs), Self Help Groups (SHGs), Joint Liability Groups (JLGs), and many others to build post-harvest management infrastructure and community farming associations with the help of a 3% interest subvention, credit guarantee support through CGTMSE for a loan of up to Rs. 2 crores, and facility of convergence with other Central and State Govt. Scheme.
Agriculture Infra Fund (AIF) is a financing facility established on July 8, 2020, for the development of post-harvest infrastructure and community farm assets. This scheme will disburse Rs 1 lakh crore by the fiscal year 2025-26, and interest subvention and credit guarantee assistance will be provided until the fiscal year 2032-33.
The Ministry of Agriculture has organized a number of conclaves and workshops to raise awareness about AIF among various stakeholders, they added.
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