Govt decided to give special rebate on bank loan interest to the farmers

To boost the rural economy the central government announced an annual interest rate rebate of 3 per cent on bank loans to the Indian farmers.

According to the report, the project will be available to enterprising farmers, agricultural associations, farmer cooperatives and self-help groups. This discount is usually available up to 2 crores of loan amount.

These measures have been taken mainly for post-harvest marketing, storage, export, supply chain, grain and food processing and construction of agricultural marketing centers. Not only that, besides interest discount, credit guarantee coverage will also be given according to the individual scheme.

On Sunday, Prime Minister Narendra Modi announced 1 lakh crore agricultural infrastructure fund project for agriculture and agro-based rural development. “We want the farmers to come forward directly from now on to build the infrastructure along with the industrial establishments.”