Agri-Infra Fund: PM Modi launches Rs 1 lakh crore financing facility

New Delhi: Prime Minister Narendra Modi on Sunday launched a financing facility of Rs 1 lakh crore under the Agriculture Infrastructure Fund for agri-entrepreneurs, startups, agri-tech players and farmer groups for post-harvest management and nurturing farm assets.

Modi also released the sixth installment of Rs 17,100 crore to more than 8.55 crore farmer beneficiaries under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme.

"The fund would bring about the creation of post-harvest management infrastructures and community farming assets such as cold storage, collection centres and processing units. These assets will enable farmers to get greater value for their produce, as they will be able to store and sell at higher prices, reduce wastage and increase processing and value addition. Rs 1 lakh crore will be sanctioned under the financing facility in partnership with multiple lending institutions," read a release by the Prime Minister's Office (PMO).

The beneficiaries of the scheme will include farmers, PACS, Marketing Cooperative Societies, FPOs, SHGs, Joint Liability Groups (JLG), Multipurpose Cooperative Societies, agri-entrepreneurs, startups, and central/state agency or local body sponsored public-private Partnership Projects, it said.

PM asks farmers to wear face masks and continue maintaining social distancing amid COVID-19 pandemic.

The Prime Minister launched the new Agriculture Infrastructure Fund through video conference. Agriculture Minister Narendra Singh Tomar and senior ministry officials were also present on the occasion.

Earlier in the day, he tweeted: "Wishing countrymen especially farmers on the occasion of Balaram Jayanti, 'Hal Chhath' and 'Dau janmotsav''.