The Modi government has enhanced the institutional credit into the agriculture sector sharply in the last 10 years, with banks disbursing Rs 20.39 lakh crores during the April-January period of this fiscal as against Rs 7.3 lakh crore in the entire 2013-14, according to a senior official.
In the Budget for 2023-24 fiscal, the government set an agriculture credit target at Rs 20 lakh crore. Banks have already breached the target and the number could cross Rs 22 lakh crore this fiscal.
To ensure the availability of agriculture credit at a reduced interest rate of 7 per cent per annum to the farmers, the Union Agriculture Ministry implements an interest subvention scheme for short-term crop loans up to Rs 3 lakh. The scheme provides interest subvention of 2 per cent per annum to banks on the use of their resources.
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