Shivraj Singh Chouhan New Portal Aims to Expedite Bank Settlement of Interest Subvention Claims

Union Minister for Agriculture and Farmers' Welfare and Rural Development, Shri Shivraj Singh Chouhan, launched a web portal developed jointly by the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD. This portal aims to automate and expedite the process of settling interest subvention claims submitted by banks under the Agriculture Infrastructure Fund (AIF). Shri Chouhan highlighted that the Modi government is committed to increasing farmers' income through various measures. To date, ₹72,000 crore has been mobilized under the Agriculture Infrastructure Fund, with ₹43,000 crore sanctioned for 67,871 projects. The objectives behind this initiative include raising awareness, facilitating the exchange of knowledge, fostering collaboration, and empowering farmers.

Modi Government Committed to Increasing Farmers Income through Various Measures:

Union Minister Shri Shivraj Singh Chouhan stated that the Modi government is implementing various measures to increase farmers' income. He mentioned that Prime Minister Modi launched the Agriculture Infrastructure Fund with a funding of ₹1 lakh crore to enhance crop storage capacity and reduce losses for farmers. Shri Chouhan noted that the automation of credit claims will ensure timely settlement of claims within a day, which previously took months for manual settlement. This move will also ensure transparency and curb corrupt practices.

₹72,000 Crore Invested in Agriculture Infrastructure Fund:

Shri Shivraj Singh Chouhan mentioned that, to date, ₹72,000 crore has been mobilized under the Agriculture Infrastructure Fund, with ₹43,000 crore sanctioned for 67,871 projects. Additionally, banks can expect quicker settlement of interest subvention claims. He explained that the automated system would help in accurately calculating eligible interest subvention through the portal, avoiding possible human errors in manual processing and facilitating faster settlement of claims. The portal will be used by banks, the Central Project Management Unit (CPMU) of DA&FW, and NABARD. This will provide financial assistance to farmers and agri-entrepreneurs, encouraging them to undertake more projects for the development of agriculture in the country.

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Objectives of the Agriculture Infrastructure Fund:

The Agriculture Infrastructure Fund scheme was launched in 2020, with the objective of developing post-harvest management infrastructure to reduce losses, realize better value for farmers, promote innovation in agriculture, and attract investments for the creation of agricultural infrastructure. The scheme provides a total outlay of ₹1 lakh crore through banks and financial institutions up to 2025-26. Beneficiaries of the scheme can avail of 3% interest subvention on loans up to ₹2 crore for a maximum period of 7 years, in addition to the reimbursement of the credit guarantee fee paid by banks.

Recognizing and Amplifying Farmers' Voices:
Shri Shivraj Singh Chouhan emphasized that the voices and stories of farmers often remain uncovered in the vast and diverse landscape of Indian agriculture. Behind every crop, every field, and every harvest lies a narrative of resilience, struggles, challenges, and triumphs. He highlighted that the launch of Krishi Katha is a significant move towards acknowledging and amplifying the voice of our farmers. Their stories of resilience and innovation are the cornerstone of our agricultural sector, and this platform will serve as a wellspring of inspiration for others. The initiative aims to inspire and showcase the stories of Indian farmers, foster a sense of pride in the farming profession, and promote resilience among farmers. In short, it provides a platform to celebrate the farming community and the agricultural sector of India.