The central government has been increasing the target of Agri Loan for agriculture sector every year. In such a situation, it is expected to increase it in Budget 2021-22. At the same time, so far, the government has kept more than what the government has set for agriculture loans in the budget. Farmers were given a loan of Rs 11.68 lakh crore in the financial year 2017-18, while the target of Rs 10 lakh crore was kept in the budget.
New Delhi. Union Finance Minister Nirmala Sitharaman can take a big decision in favor of farmers in Budget 2021-22. The central government can increase the target of agricultural loan to about Rs 19 lakh crore, keeping in mind the objective of doubling the income of farmers by 2022. Finance Minister Sitharaman (FM Nirmala Sitharaman) will present the Union Budget in Parliament at 11 am on 1 February 2021. For the current financial year, the government has set an agricultural loan target of Rs 15 lakh crore.
The target of agricultural credit is increased every year in the budget
The central government has been increasing the target of loans for agriculture sector every year. In such a situation, this target can also be increased to Rs 19 lakh crore for 2021-22. Finance Minister Sitharaman, while presenting the budget for 2020-21, said that non-banking financial companies (NBFCs) and co-operative banks have been active in the matter of lending to the agriculture sector. According to sources, the National Bank for Agriculture and Rural Development (NABARD) refinance scheme will be expanded. Sources say that agricultural credit flow has increased from year to year.
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, agriculture loan is divided more than target every year
Whatever the government has set so far in the budget for agricultural loans, the disbursement of loans has been more than that. In the financial year 2017-18, the farmers were given a loan of Rs 11.68 lakh crore, against the target of Rs 10 lakh crore in the budget. Similarly, in the financial year 2016-17, a crop loan of Rs 10.66 lakh crore was distributed. This was more than the budgeted target of Rs 9 lakh crore. Actually, debt is necessary to increase agricultural production. Farmers do not have to take loans from moneylenders and usurers if loans are easily available from institutional sources. They also do not have to pay much interest.
center in them at 2% interest loan
banks usually charge 9% interest on agricultural loans, but The government provides interest assistance so that loans taken to meet the requirements of farming for a short period can be available to the farmers at cheaper rates. This also increases the income of farmers. The government provides loan assistance to farmers at a mere 2 percent interest rate so that they can get a loan of up to Rs 3 lakh for a short period, effectively at 7 percent interest. Apart from this, 3 percent assistance is given to those farmers who repay the loan on time. This effectively puts the interest at 4 per cent.
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