FM Nirmala Sitharaman announces Rs 1 lakh cr Agriculture fund for farm-gate infrastructure

Finance Minister Nirmala Sitharaman announced a whopping agriculture fund of Rs 1 lakh crore for farm-gate infrastructure. While addressing media, she said that this fund will help strengthen infrastructure in agriculture. She also announced Rs 10,000 crore for micro food enterprises following cluster based approach.

"Financing facility of Rs 1,00,000 crore will be provided for funding agriculture infrastructure projects at farm-gate and aggregation points. Impetus for development pf farm-gate and aggregation point, affordable and financially viable post-harvest management infrastructure,” the finance minister said.

This fund will be created immediately. 

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Apart from this, the FM announced that a new scheme will be launched in line with PM Modi’s vision of ‘Vocal for Local with Global outreach’ to help 2 lakh Micro Food Enterprises; Improved health and safety standards, integration with retail markets and improved incomes to be key focus areas.

This was finance minister’s third press conference in as many days. She started by praising farmers who according to her, have endured all odds but propelled India on the global stage. She said that she will lay out 11 pointers in total, of which eight will be dedicated to strengthening of infrastructure and logistical needs of the sector. 

The finance minister informed media that the government procured farm produces worth Rs 74,300 crore (as per Minimum Support Price) to improve liquidity for farmers. She also said that funds transfer worth Rs 18,700 crores has been done under PM KISAN Samman Yojna in the past 2 months and PM Kisan Bima Yojna claims totaling 6,400 cr cleared in last 2 months.  

On Thursday, she had announced a Rs 3.16 lakh crore package of free foodgrains for migrant workers, concessional credit to farmers and working capital loan for street vendors as part of the second tranche of fiscal stimulus to heal an economy hit hard by coronavirus lockdown.