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Agriculture Min Narendra Tomar Welcomes Refinance Support, Concessional Credit For Farmers

Agriculture Minister Narendra Singh Tomar welcomed measures introduced by Finance Minister Nirmala Sitharaman to boost the farm sector through fresh credit


Union Agriculture and Rural Development Minister Narendra Singh Tomar welcomed measures introduced by Finance Minister Nirmala Sitharaman to boost the farm sector through fresh credit and additional refinance support. Speaking to Republic TV, Tomar said that those measures will ensure credit to two crore more farmers.

"Even during the lockdown, farmers have harvested, their crops production has topped estimates. So far, 257 lakh tonnes of wheat, 60 lakh tonnes of rice, more than eight lakh tonnes of pulses have been procured. The package announced today is welcomed. We are expanding the reach of Kisan Credit Cards and will ensure credit to two crore more farmers," he said.

READ | NABARD To Extend Rs.30,000 Cr Refinance Support; Concessional Credit For Small Farmers: FM

Relief package for farmers

Addressing a press briefing on the second tranche of the economic package on Thursday, Nirmala Sitharaman announced two measures for the welfare of small farmers. Sitharaman declared that the NABARD shall extend additional refinance support of Rs. 30,000 crore for crop loan requirement of rural cooperative banks and Regional Rural Banks. This is over and above the Rs. 90,000 crore to be provided by the NABARD through the normal refinance route during 2020. This shall benefit three crore small and marginal farmers and help meet post-harvest and current Kharif requirements in May and June. 

READ | PM Modi Emphasises Food Security To Farmers, Vendors Via Centre's 2nd Economic Tranche

Credit at concessional interest rate

Furthermore, she revealed that a special drive would be undertaken to provide concessional credit to PM Kisan Yojana beneficiaries through the Kisan Credit Cards. The fishermen and animal husbandry farmers shall also be included in this drive. This will enable farmers to gain access to institutional credit at a concessional interest rate. 2.5 crore farmers stand to benefit from the credit flow of Rs.2 lakh crore. 

READ | Centre Announces 9 Steps To Benefit Migrants, Farmers, Vendors In Second Economic Tranche

READ | Free Grains For 2 Months; One Nation, One Ration Card: FM's Relief Package For Migrants

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