The government on Wednesday approved a Rs 4,558-crore scheme to promote the dairy sector which will benefit about 9.5 million farmers, said Information and Broadcasting Minister Prakash Javadekar. Briefing reporters about the decisions taken by the Cabinet, he added that this scheme will take the "White revolution" to the next level.He further said that the Cabinet has also decided to raise the benefit under the interest subvention scheme from 2 per cent to 2.5 per cent.
The increased interest subsidy under Dairy processing and Infrastructure Development Fund (DIDF) will be given to Nabard from 2019-20 (with effect from July 30, 2019) to 2030-31 and in case there is any further increase in the cost of funds, it would be borne by the end borrowers themselves, according to the official statement.
"The funding period (2017-18 to 2019-20) of the scheme is revised to 2018-19 to 2022-23 and the repayment period to be extended up to 2030-31 with spillover to first quarter of the FY 2031-32," said the statement.
The move would benefit 9.5 million milk producers spread over 50,000 villages.
"The funding period (2017-18 to 2019-20) of the scheme is revised to 2018-19 to 2022-23 and the repayment period to be extended up to 2030-31 with spillover to first quarter of the FY 2031-32," said the statement.
The move would benefit 9.5 million milk producers spread over 50,000 villages.
The Union Cabinet has also decided to constitute 22nd Law Commission which advises the government on complex legal issues. The term of the previous law panel had ended on August 31 last year.

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