BackRs3.45 trillion of farm credit extended since July
Govt's budget had set target of Rs8 trillion towards farm credit during 2014-15
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New Delhi: Loans advanced to the farm sector increased from 1.99 trillion in the first six months of the year to 3.45 trillion in the second half, agriculture minister Radha Mohan Singh said on Tuesday.
The figures were disclosed in a review of the initiatives taken by the ministry and the presentation of the seven-month-old National Democratic Alliance (NDA) government’s road map for the farm sector.
The government’s budget, presented in July by finance minister Arun Jaitley, had set a target of 8 trillion towards farm credit during 2014-15.
At the review, the farm ministry said the Pradhan Mantri Krishi Sinchai Yojana, aimed at boosting irrigation, is yet to kick off. “The government has given an in-principle approval to a scheme of traditional agricultural development... (The scheme) is under finalization," the ministry said in a statement.
The 1,000 crore flagship scheme announced in the budget is meant to provide assured irrigation in rain-fed areas. Earlier in the day, chairing a high-level meeting involving the ministries of agriculture, water resources and rural development, Prime Minister Narendra Modi asked that the Krishi Sinchai Yojana be fast-tracked.
The southwest monsoon was delayed by over a month this year and recorded an overall deficit of 12% of the long period average. Over half of farm lands in the country depend on rains for the main agricultural season (Kharif) due to lack of assured irrigation facilities.
“The NREGA (National Rural Employment Employment Guarantee Act) has been used over the past few years for creation and augmentation of irrigation assets... (The scheme) should be integrated with the overall plan of Pradhan Mantri Krishi Sinchai Yojana," Modi said, adding that outcomes have to be monitored precisely.
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