Golden Opportunity – Get a Grant on Agricultural Machinery and Farm Machinery Bank Establishment

What Exactly is a subsidy?

In the agriculture sector or any other area of agriculture, the government gives grants from time to time to benefit farmers or make them self-sufficient, with a different share going to the central government and the state government. Farmers receive government grants for agricultural machinery such as tractors and farm machinery.

What is the definition of Agricultural Machinery and Farm Machinery Bank?

The government is developing a plan to establish a village-to-village farm machinery bank. The goal of this programme is to assist small and marginal farmers in purchasing agricultural machinery.

The government's main goal in the coming years is to double farmers' income. The most pressing need is for small and marginal farmers to adopt new farming techniques and agricultural machinery schemes. To enable farmers to purchase subsidy machines, the Central Government is collaborating with state governments to establish a Farm Machinery Bank with the assistance of Gram Panchayats.

This scheme provides funds to farmers in the country for the purchase of agricultural machinery. In this case, the government provides farmers with an 80 percent subsidy. Farmers are responsible for the remaining 20%.

Read more: Tractor Subsidy- Find Out Which Farmers Will Benefit And What The Conditions Are

Farmers will Benefit From the Establishment of an Agricultural Machinery and Farm Machinery Bank

The government provides up to an 80% subsidy for the establishment of agricultural machinery and farm machinery banks. In this vein, the government is taking the initiative to establish Farm Machinery Banks in each Panchayat to provide agricultural machinery to farmers in each state. The advantage of modern agricultural machines is that they allow agricultural work to be completed in less time and with less labor. Keeping this in mind, the government is providing a grant to establish a Farm Machinery Bank.

• The government provides up to an 80% subsidy for the farm machinery bank.
• Farmers who have applied for the establishment of a Farm Machinery Bank may receive subsidies for various farm equipment once a year.
• The beneficiary is only required to pay 20% for Farm Machinery Bank.
• Farmers who register with the Agriculture Department will be eligible to participate in the scheme.
• The use of agricultural machinery reduces the cost of cultivation while increasing the farmer's income.

Which Agricultural Machines are Being Subsidized by the Government?

The government will provide paddy straw chopper, shredders, mulchers, shrub masters, rotary slashers, and hydraulic reversible MB Plough through the Agricultural Machinery and Farm Machinery Bank Scheme. Many other agricultural implements, such as the Plow, Super Seeder, Baler, Management System, Zero Till Seed cum ferti-drill, Happy Seeder, Straw Rake, Crump Reaper, and Reaper, are also subsidized. Subsidy instruments are made available at the Custom Hiring Center, where the subsidy is administered through Gram Panchayats.

Some states have implemented this scheme, such as the Uttar Pradesh government, which has invited farmers to apply for the establishment of Farm Machinery Banks in villages. There is a provision in the Promotion of Agricultural Mechanization for In-Situ Management of Crop Residue Scheme for the establishment of a Farm Machinery Bank to provide farmers with a subsidy of up to 50% on the purchase of agricultural machinery.

The Beneficiary Selection Process in the Establishment of Agricultural Machinery and Farm Machinery Bank in the Government of Uttar Pradesh

To receive the grant under the scheme, the farmer must first be registered with the Agriculture Department, or beneficiaries who do not have registration must contact the State Agricultural Seed Store in charge of the development block or the district's Deputy Agriculture Director's office for registration.

According to the farmer, the government has set up 300% of any one or more of the above-mentioned agricultural machinery while booking in the departmental transparent farmer service scheme portal www.upagriculture.com.

After the booking is confirmed, the beneficiary will be automatically selected on the waiting list; if the amount is not deposited in the prescribed time for agricultural machinery related to any branch of the nearest Union Bank, the farmers on the waiting list will be automatically selected; and the waiting list will be in effect in 2022-23.

Information on the Security Deposit

• For agricultural machinery worth more than ten thousand dollars, a security deposit of ten thousand dollars and a grant of one million to two thousand dollars are required.
• Security deposit for agricultural machines and farm machinery banks with grants ranging from $100,000 to $5,000,000.

Read more: 50% Subsidy Will Be Available On 11 Types of Agricultural Machines Including Reaper & Power Tiller