A day after the mega cabinet reshuffle, the Union Cabinet chaired by PM Narendra Modi, on Thursday, approved some changes in the central sector scheme of financing facility under 'Agriculture Infrastructure Fund'.
The eligibility for the same has now been extended to State Agencies/APMCs, National & State Federations of Cooperatives, Federations of Farmers Producers Organizations (FPOs), and Federations of Self Help Groups (SHGs).
As of now, interest subvention for a loan up to Rs 2 crore in one location is eligible under the scheme.
According to a press release by Press Information Bureau (pib.gov.in), "In case, one eligible entity puts up projects in different locations then all such projects will be now be eligible for interest subvention for a loan up to Rs. 2 crores. However, for a private sector entity, there will be a limit of a maximum of 25 such projects."
"This limitation of 25 projects will not be applicable to state agencies, national and state federations of cooperatives, federations of FPOs, and federation of SHGs. Location will mean the physical boundary of a village or town having a distinct LGD (Local Government Directory) code. Each of such projects should be in a location having a separate LGD code," it said.
The power has been delegated to the Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar who will help implement the necessary changes.
It is important to note that the period of the financial facility has been extended from 4 to 6 years up to 2025-26 and the overall period of the scheme has been extended from 10 to 13 up to 2032-33.
The release said, "The modifications in the Scheme will help to achieve a multiplier effect in generating investments while ensuring that the benefits reach small and marginal farmers. APMC markets are set up to provide market linkages and create an ecosystem of post-harvest public infrastructure open to all farmers."
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of the Department of Agriculture, Cooperation, and Farmers Welfare to make the post of Chairman, Coconut Development Board a Non-Executive one.
(With agency inputs)