Budget 2021: The speculation about the budget has already started before the upcoming budget session. The budget will be presented on 1 February in the shadow of opposition to agricultural laws. It is believed that the budget of Agriculture Loan can be increased in the budget and this increase can be up to around 25 percent.
Delhi: Budget 2021: The budget session is going to start in the midst of protests in protest against agricultural laws. Finance Minister Nirmala Sitharaman (February L Nirmala Sitharaman ) will present the budget. It is reported that a big announcement can be made for the farmers in this budget.
Agricultural loan target may increase
The Modi government is making full preparations to increase the limit of Agriculture Loan. Anyway, the target of Agriculture Loan is increased in every budget, but this time the Modi government is going to increase a lot due to the environment created in the country against the agricultural laws. According to the news, the government can increase the Agriculture Loan to Rs 19 lakh crore for the financial year 2021-22. In terms of figures, the increase may be around 25 per cent. If this happens, it will be considered a big step in the interest of farmers .
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How much was the target in the last budget
Finance Minister Nirmala Sitharaman had announced the Budget 2020-21 stating that NBFCs and Co-operatives (Co-operatives) are actively working in the agricultural credit sector hence the NABARD refinance scheme Will be further expanded. Agricultural loan target for the financial year 2020-21 was fixed at Rs 15 lakh crore.
What is the interest rate on agricultural loans right now
Generally, agricultural loans are given to farmers at an interest rate of 9 percent, although the government offers a lot of facilities for short-term loans at an affordable rate. The government gives a subsidy of 2 per cent on short-term agricultural loans up to Rs 3 lakh. This gives loans to farmers at the rate of 7 percent per annum. The farmers who pay the loan on time, get 3% as the government gives them additional incentives. In total, farmers get this loan at an annual interest rate of 4 percent only.
