TAD NewsDesk, New Delhi: The Union Agriculture Minister has assented to subsidised loans worth Rs 3,971.31 crore for implementing micro-irrigation projects. The maximum loan has been granted to Tamil Nadu.
The interest subvented loans are being offered under Micro Irrigation Fund (MIF) created with National Bank for Agriculture and Rural Development (NABARD) for implementing micro-irrigation projects.
This fund with an amount of Rs 5,000 crore was allotted in 2019-20 fiscal year with an objective to facilitate states in availing subsidised loans for expanding coverage of micro irrigation.
In a statement, the ministry said the lead committee of MIF has approved projects for loan worth Rs 3,971.31 crore.
Some of the state allocations are as follows:
- Maximum loan of Rs 1,357.93 crore has been approved for Tamil Nadu
- Rs 790.94 crore for Haryana,
- Rs 764.13 crore for Gujarat, Rs 616.13 crore for Andhra Pradesh,
- Rs 276.55 crore for West Bengal, Rs 150 crore for Punjab
- Rs 15.63 crore for Uttarakhand
However, NABARD has so far released a total loan amount of Rs 1,754.60 crore to the states. Of this, about Rs 659.70 crore has been released to Haryana, Tamil Nadu and Gujarat.
About Rs 616.13 crore loan has been released to Andhra Pradesh, Rs 937.47 crore to Tamil Nadu, Rs 21.57 crore to Haryana and Rs 179.43 crore to Gujarat so far, the statement added.
Mico Irrigation projects are also provided by the government micro irrigation beyond the provisions available under Pradhan Mantri Krishi Sinchai Yojana (Per Drop More Crop) to encourage farmers to install micro irrigation systems.
This initiative is a step by the government to help the farmers in irrigation which is the backbone of agricultural production.
Source: Business standard
