Union Minister for Agriculture and Farmers’ Welfare and Rural Development, Shri Shivraj Singh Chouhan, has launched a new web portal to automate and expedite the settlement of interest subvention claims under the Agriculture Infrastructure Fund (AIF). This portal was developed jointly by the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD. The launch event was attended by Minister of State for Agriculture and Farmers’ Welfare, Shri Bhagirath Choudhary, NABARD Chairman, and senior officers from DA&FW and banks.
Key Highlights
- Objective: The portal aims to automate and speed up the settlement of interest subvention claims of banks under the AIF.
- Benefits:
- Timely settlement of claims within a day instead of months.
- Ensures transparency and reduces the potential for corruption.
- Accurate calculation of eligible interest subvention, avoiding human error.
- Faster financial support to farmers and agri-entrepreneurs, encouraging more agricultural projects.
Financial Impact
- Investments: Investments worth ₹72,000 crore have been mobilized, with ₹43,000 crore already sanctioned for 67,871 projects under the AIF.
- Interest Subvention: The scheme provides a 3% interest subvention on loans up to ₹2 crore for a maximum period of 7 years, along with reimbursement of credit guarantee fees paid by banks.
Launch of Krishi Katha
Purpose
- Digital Platform: “Krishi Katha” is a blogsite dedicated to amplifying the experiences, insights, and success stories of farmers across India.
- Storytelling Space: It serves as a platform to share narratives of resilience, challenges, and triumphs within the agricultural community.
Objectives
- Awareness and Knowledge Exchange: To raise awareness, facilitate the exchange of knowledge, and foster collaboration among farmers.
- Inspiration and Empowerment: To inspire farmers by showcasing innovative farming methods and government schemes that have positively impacted their practices.
Significance
- Voice of Farmers: Acknowledges and amplifies the voice of farmers, highlighting their resilience and innovation.
- Community Celebration: Celebrates the farming profession and promotes a sense of pride and resilience among farmers.
Agriculture Infrastructure Fund (AIF) Scheme
- Launch: The scheme was launched in 2020 with the objective of developing post-harvest management infrastructure.
- Funding: A total outlay of ₹1 lakh crore funding through banks and financial institutions up to 2025-26.
- Benefits: The scheme aims to reduce post-harvest losses, realize better value for farmers, foster innovation, and attract investments in agriculture infrastructure.
Multiple Choice Questions (MCQs):
- Who launched the web portal to automate the settlement of interest subvention claims under the Agriculture Infrastructure Fund (AIF)?
- a) Minister of State for Agriculture and Farmers’ Welfare, Shri Bhagirath Choudhary
- b) Chairman of NABARD
- c) Union Minister for Agriculture and Farmers’ Welfare, Shri Shivraj Singh Chouhan
- d) Prime Minister Narendra Modi
- Answer: c) Union Minister for Agriculture and Farmers’ Welfare, Shri Shivraj Singh Chouhan
- What is the main purpose of the newly launched web portal?
- a) To provide direct loans to farmers
- b) To automate and speed up the settlement of interest subvention claims
- c) To distribute agricultural subsidies
- d) To monitor crop production
- Answer: b) To automate and speed up the settlement of interest subvention claims
- How much investment has been mobilized under the Agriculture Infrastructure Fund till today?
- a) ₹1 lakh crore
- b) ₹43,000 crore
- c) ₹72,000 crore
- d) ₹2 crore
- Answer: c) ₹72,000 crore
- What is the purpose of the “Krishi Katha” blogsite?
- a) To provide agricultural market prices
- b) To showcase the voice and stories of Indian farmers
- c) To distribute farming equipment
- d) To monitor weather patterns
- Answer: b) To showcase the voice and stories of Indian farmers
- What is the interest subvention provided under the Agriculture Infrastructure Fund scheme?
- a) 2% for 5 years
- b) 3% for loans up to ₹2 crore for a maximum period of 7 years
- c) 4% for 10 years
- d) 5% for loans up to ₹1 crore
- Answer: b) 3% for loans up to Rs. 2 crore for a maximum period of 7 years