Agriculture Credit

Prime Minister Narendra Modi on Monday released the 13th instalment of over Rs 16,000 crore, under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), through direct benefit transfer to more than eight crore beneficiaries. Under the scheme, eligible farmer families are provided Rs 6,000 per year in three equal instalments of Rs 2,000 each. During the programme, Modi also dedicated the redeveloped Belagavi Railway Station building, to the nation. The railway station has been redeveloped at an approximate cost of about Rs 190 crore to provide world-class amenities to the passengers. Another railway project that was dedicated to the nation by the Prime Minister is the rail line doubling project between Londa-Belagavi-Ghataprabha section at Belagavi. This project, developed at a cost of about Rs 930 crore, will enhance line capacity along the busy Mumbai Pune Hubballi Bengaluru railway line, leading to promotion of trade, commerce and economic activities in the region, according to a

However, fertiliser stocks may not see another upsurge as they have have more-than-doubled in the last six months, they said

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With a view to give a boost to the agriculture sector, the government is likely to raise farm credit target to about Rs 18 trn in the Budget 2022-23 to be presented on February 1, according to sources

The pace of retail credit, a segment which has the maximum focus of banks, decelerated to 9.1 per cent in January 2021 from 16.9 per cent in January 2020

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With the aim of doubling farmers' income by 2022, the government is likely to raise farm credit target to about Rs 19 lakh crore in Budget 2021-22 to be presented on February 1, according to sources. For the current fiscal, the government has set a farm credit target of Rs 15 lakh crore. The government has been increasing the credit target for the farm sector every year and this time too, the target is likely to be increased to around Rs 19 lakh crore for the 2021-22, sources said. "Non-banking finance companies (NBFCs) and co-operatives are active in the agriculture credit space. The Nabard refinance scheme will be further expanded. Agriculture credit target for the year 2020-21 has been set up at Rs 15 lakh crore," Finance Minister Nirmala Sitharaman had said while announcing the Budget 2020-21. The agricultural credit flow has increased consistently over the years, exceeding the target set for each fiscal. For instance, credit worth Rs 11.68 lakh crore was given to farmers in ..

Credit to large companies contracted 2.9%, but that to medium enterprises grew 16.7% YoY. Overall credit to industry had grown at 3.4% in October 2019

RBI said on YoY basis, non-food bank credit grew 6.7 per cent in July 2020, the same as June 2020, but lower than the growth of 11.4 per cent in July 2019

Modi releases the sixth installment of Rs 17,100 crore to more than 85.5 million farmer beneficiaries under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme

He will also release the sixth instalment of funds of Rs 17,000 crore to 85 million farmers under the PM-KISAN scheme

Access to credit remains a challenge for food processors while tractor makers face liquidity crunch

Shortage of labour with expertise to plant paddy has prompted the state to encourage farmers to grow less labour-intensive crops

The farm credit target for the current fiscal has been set at Rs 13.5 trillion

In her second Budget presentation, the Finance Minister also said Nabard refinance scheme will be expanded.

For small and marginal farmers, institutional credit at reasonable costs can act as a catalyst and convert them into vibrant commercial farmers, Jain added

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The panel further said that the Centre should push state governments to complete the digitisation process and updation of land records in a time bound manner