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Govt okays subsidised loans worth Rs 3,971 cr for micro-irrigation projects

Out of this, the biggest loan of Rs 1,357.93 crore has been approved for Tamil Nadu

Irrigation projects | NABARD

Press Trust of India  |  New Delhi 

Govt okays subsidised loans worth Rs 3,971 cr for micro-irrigation projects
Representational image

The Union Agriculture Ministry on Friday said it has given nod for subsidised loans worth Rs 3,971.31 crore for implementing micro-irrigation projects, and maximum loan has been approved for Tamil Nadu.

The interest subvented loans are being offered under Micro Irrigation Fund (MIF) created with Bank for Agriculture and Rural Development (NABARD) for implementing micro-

This fund with a corpus of Rs 5,000 crore was operationalised in the 2019-20 fiscal with an objective to facilitate states in availing subsidised loans for expanding coverage of micro irrigation.

In a statement, the ministry said the steering committee of MIF has approved projects for loan worth Rs 3,971.31 crore.

Out of this, maximum loan of Rs 1,357.93 crore has been approved for Tamil Nadu, followed by Rs 790.94 crore for Haryana, Rs 764.13 crore for Gujarat, Rs 616.13 crore for Andhra Pradesh, Rs 276.55 crore for West Bengal, Rs 150 crore for Punjab and Rs 15.63 crore for Uttarakhand, it said.

However, has so far released a total loan amount of Rs 1,754.60 crore to the states. Of this, about Rs 659.70 crore has been released to Haryana, Tamil Nadu and Gujarat.

About Rs 616.13 crore loan has been released to Andhra Pradesh, Rs 937.47 crore to Tamil Nadu, Rs 21.57 crore to Haryana and Rs 179.43 crore to Gujarat so far, it added.

Under the MIF, subsidised loans are provided for not only taking up special and innovative projects but also for incentivising micro irrigation beyond the provisions available under Pradhan Mantri Krishi Sinchai Yojana (Per Drop More Crop) to encourage farmers to install micro irrigation systems.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, November 20 2020. 14:30 IST