Agriculture Credit New Data 2023

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Agriculture Credit

Agriculture Credit

Agriculture Credit

Dwelling on welfare measures for farmers, the Finance Minister announced that the agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.

Availability of agriculture credit at a reduced interest rate of 7% p.a. to the farmers, the Government of India in the Department of Agriculture, Cooperation and Farmers’ Welfare implements an interest subvention scheme for short term crop loans up to Rs. 3.00 lakh. The scheme provides interest subvention of 2% per annum to Banks on use of their own resources. Besides, additional 3% incentive is given to the farmers for prompt repayment of the loan, thereby reducing the effective rate of interest to 4%.

Agriculture Credit Target 
Year Target
2020-21 ₹15 lakh crore
2021-22 ₹16.50 lakh crore
2022-23 ₹18.50 lakh crore
2023-24 ₹20 lakh crore

Q. What is the agricultural credit target for the current fiscal year 2023-24, as per the Union budget?

  • Rs.15 lakh crore
  • Rs.20 lakh crore
  • Rs.18 lakh crore
  • Rs.19 lakh crore
Answer: Rs.15 lakh crore
Notes: As per the Union budget 2023-24, the government proposed to increase the agricultural credit target to ₹20 lakh crore with a focus on animal husbandry, dairy and fisheries. The target has been increased from Rs 18 lakh crore, with an increase of 11.11% year on year. An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs. The agriculture sector has been growing at an average annual growth rate of 4.6 per cent in the last six years.

Number of beneficiaries under Kisan Credit Card Scheme

Year Number of cards issued (in lakh) Amount sanctioned (in crore)
2019-20 109 36,350
2020-21 82 2,34,420
2021-22 75 3,19,751
2022-23 48 2,17,710

Q. Number of Kisan Credit Card issued in financial Year 2021-22?

  • 60 Lakh
  • 70Lakh
  • 75 Lakh
  • 80 Lakh

Answer:- 75 Lakh

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Data

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Beneficiaries in For FY 2022-23 is 10,71,63,605 (10.71 Crore) Highest No of Beneficiaries in Uttar Pradesh

Q. No of Beneficiaries in India Under PM-KISAN in the Financial Year 2022-23?

  • 10.71 Crore
  • 10.71 Crore
  • 10.71 Crore
  • 10.71 Crore

Answer:- 10.71 Crore

Q. Highest No of Beneficiaries Under PM-KISAN in which state in the Financial Year 2022-23?

  • UP
  • MP
  • MH
  • GJ

Answer:- UP

Several market reforms have been rolled out. These include

  1. Model APLMC (Promotion & Facilitation) Act, 2017
  2. Establishment of 22,000 number of Gramin Agriculture Markets (GrAMs) as aggregation platforms
  3. Agri-Export Policy, that targets to double agri-exports by 2022
  4. The Farmers Produce Trade and Commerce (Promotion & Facilitation) Ordinance, 2020
  5. The Farmers (Empowerment & Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020
  6. Amendments to Essential Commodities Act, 1955, that deregulates various agri-commodities
  7. Promotion of 10,000 FPOs by 2024

Creation of Corpus Funds

  1. Micro Irrigation Fund – Rs. 5,000 crore
  2. Agri-marketing Fund to strengthen eNAM and GrAMs – Rs. 2,000 crore
  3. Agricultural Infrastructure Fund (AIF) to build agri-logistics (backward & forward linkages) – Rs. 1 lakh crore
  4. Agriculture Accelerator Fund

 

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