Key Points
The government is likely to announce in the upcoming interim Budget a substantial increase in the agricultural credit target to Rs 22-25 lakh crore for the next fiscal and ensure every eligible farmer has access to institutional credit, according to sources..
Currently, the government provides interest subvention of two per cent on short term agri-loans of up to Rs 3 lakh for all financial institutions..
For the 2024-25 fiscal, there could be a sharp increase in the agri-credit target to Rs 22-25 lakh crore, sources said...
The agriculture ministry has also created a separate division on 'credit' in order to give a focused approach, the sources added.. Further, the sources mentioned that the credit disbursal for various agricultural and allied activities has been exceeding the target in the last 10 years...
In the current fiscal, about 82 per cent of the agri-credit target of Rs 20 lakh crore has been achieved till December 2023..
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