The Maharashtra government has decided to raise ₹1,554 crore from the World Bank to support a project which will enhance private sector participation in the agribusiness. The total project cost is ₹2,220 crore
The project has been named State of Maharashtra’s Agribusiness and Rural Transformation Project (SMART). It received State Cabinet approval on Tuesday.
A press statement issued by the Chief Minister’s Office said the project aims to create basic Agri marketing infrastructure across the State. In the existing agriculture markets, platforms will be created for online auctions of the products, export facilitation, quality control and e-trading.
World Bank’s assistance for the project will be for 70 per cent (₹1,554) of the project costs. The renaming project cost would be borne by State government with a contribution of ₹592 crore, plus ₹74 crore chipped in from the Village Social Transformation Foundation.