The government has pegged the agricultural credit target at Rs 15 lakh crore for fiscal 2020-21, Finance Minister Nirmala Sitharaman said on Saturday.
“Non-banking finance companies and cooperatives are active in the agriculture credit space. The National Bank for Agriculture and Rural Development refinance scheme will be expanded,” she said.
The union minister further added, “Agriculture credit availability target for the year 2020-21 has been set at Rs 15 lakh crore.”
All eligible beneficiaries of PM Kisan scheme, which provides a minimum income support of up to Rs 6,000 crore to all small and marginal farmers, will also be eligible for the Kisan Credit Card Scheme.
As per the data provided by the agriculture census of 2015-16, there are around 66.2 million operative Kisan Credit Cards against the 145 million landholdings. It means that even after the scheme as completed almost 20 years of its implementation, only 45 per cent of the farmers use the credit cards.
In 2019, the Reserve Bank of India had suggested the government to revise its priority sector lending for deploying credit to small and marginal farmers.
She also said that Indian Railways will set up Kisan Rail in public-private partnership (PPP) model for cold supply chain to transport perishable goods.
The minister also announced the launch of Krishi Udaan by the Civil Aviation Ministry to transport agri-products to national as well international destinations.
Sitharaman also said the government will take steps for conservation of marine fishery, and self-help groups will be allowed to set up village agri-storage facilities.
(With input from agencies)