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Economy, Schemes & Policies
Mahesh

30/07/22 06:10 AM IST

Agriculture Infrastructure Fund Awards

In News 
  • Shri Narendra Singh Tomar to give away Agriculture Infrastructure Fund Awards.
AIF Scheme 
  • The Agriculture Infrastructure Fund (AIF) was announced in May 2020 by the Government of India for farm-gate infrastructure for farmers.
  • Agriculture Infrastructure Fund is a central sector scheme that will enable a financing facility of Rs.1 lakh crore for funding agriculture infrastructure projects at farm-gate and aggregation points such as farmers producers organisations, primary agricultural cooperatives, startups and entrepreneurs in the agriculture sector.
  • The scheme provides medium to long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support/credit guarantee.
  • It is meant for building processing and storage facilities, and for helping farmers, FPOs, etc. build post-harvest agriculture infrastructure and community farming assets.
  • These facilities should help farmers get a higher price for their produce as they will be able to reduce wastage, store, process and give value addition to their products.
  • The scheme was initially set to run for ten years from 2020 to 2029. But, it has been extended by three years till 2032-33 in July 2021.
  • Under this, banks and financial institutions provide loans with an interest subvention of 3% per annum.
  • The scheme also entails providing credit guarantee coverage under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) for loans up to Rs. 2 Crore.
  • NABARD will steer this initiative in association with the Ministry of Agriculture and Farmers’ Welfare. Read more on NABARD.
Source- PIB 

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