The Maharashtra cabinet today cleared a proposal for financing farmers for purchasing farm equipment with an initial corpus of Rs 50 crore.
The scheme, to be funded by the state government, is aimed at expediting the government's ambitious plan to double the income of farmers by 2022, stated an official release.
"To assist the Union government's plans to double the farmers' income by 2022, the state cabinet today cleared the funding proposal for small and marginal farmers who can now purchase farm equipment and cultivate the land," it said.
"The farmers from SC/ST community and women farmers would get 35% funding of the total cost for (purchasing) tractor while for other equipment, a subsidy of 50% will be given," it said.
The proposal has also championed setting up of Farm Equipment Bank, which a group of farmers can collectively use. The government will subsidise 40% of the cost for such bank.
There are 80% farmers who are small and marginal and they would benefit out of it.
The Cabinet also cleared a proposal to change the name of Mumbai-based Bombay Veterinary College to Mumbai Veterinary College.
Another proposal worth Rs 16.02 crore for creation of four percolation tanks.
Three of the tanks will be located in Jamner tehsil, the assembly constituency of Water Resources Minister Devendra Fadnavis, a close confidante of Chief Minister Devendra Fadnavis.
The fourth percolation tank will come up in Soegaon tehsil in Aurangabad district, as per the release.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)