Cabinet approves interest subvention of 1.5% per annum on Short Term Agriculture Loan for adequate credit flow to farmers
The Cabinet has approved interest subvention of 1.5 percent on Short Term Agriculture Loan upto three lakh rupees. Briefing media after the Cabinet meeting in New Delhi, Information and Broadcasting Minister Anurag Thakur said the decision has been taken to ensure adequate credit flow in the agriculture sector.
He said, the interest subvention of 1.5 per cent will be provided to lending institutions by the Government. This increase in Interest Subvention support requires additional budgetary provisions of 34 thousand 856 crore rupees for the period of 2022-23 to 2024-25 under the scheme.
Talking to AIR News, Member Agriculture in NITI AAYOG Ramesh Chand said, the government also helps the credit institutions to keep the credit flow in pace:
The Government also approved enhancement of the limit of Emergency Credit Line Guarantee Scheme by 50 thousand crore rupees for the Travel, Tourism and Hospitality sector.
The objective of the ECLG scheme is to provide 100 percent guarantee coverage to Banks and NBFCs to enable them to extend emergency credit facilities to Business Enterprises.
Mr Thakur said, the Cabinet also approved providing access to the Traditional Knowledge Digital Library database to users including patent applicants and researchers.
The Cabinet was apprised of the signing of contract between the Organisation for Economic Cooperation and Development, France on behalf of the International Transport Forum and the Technology Information, Forecasting and Assessment Council, India.
The contract has been made to support the International Transport Forum activities on the Indian Transport Sector. It was signed on the 6th of July this year.
