New Delhi: On Sunday, August 9 at 11 am, PM Narendra Modi will launch a funding facility of Rs 1 lakh crore under the Agricultural Infrastructure Fund through video conferencing. In July, the government approved the establishment of an agricultural infrastructure fund with a corpus of one lakh crore to extend concessional loans for agricultural infrastructure.

PM Modi will also release Rs 17,000 crore under the PM-Kisan Yojana, as the sixth installment for 8.5 lakh crore farmers. The Agricultural Infrastructure Fund is included in a Rs 20 lakh crore stimulus package introduced by Union Finance Minister Nirmala Sitharaman to tackle the global pandemic Coronavirus. The tenure of the Agricultural Infrastructure Fund is for 10 years i.e. till 2029. This will help in creating infrastructure related to the agriculture sector in rural areas.

It aims to encourage private investment and jobs in rural areas. Under this, about 1 lakh crore rupees will be given by banks and financial institutions in the form of loans to primary agricultural credit societies, farmer groups, farmer producer organizations (FPOs), agri-entrepreneurs, startups, and agri-tech players. The loan will be disbursed in four years. 10,000 crore rupees will be distributed in the current year and Rs 30,000 crore every year for the next three financial years.

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