Govt allocates millions for agro-based SMEs
ISLAMABAD: REFERENCES: In a bid to boost agricultural growth and increase farm income, the government has earmarked Rs 2,953 crore for the modernization of small and medium enterprises. The program aims to improve agricultural productivity and encourage value addition in the agricultural sector, thereby contributing to higher profitability.
Under the prime minister’s Kissan package, the fund will be distributed among 177 borrowers engaged in activities such as dairying, animal feed processing and packing of fruits and vegetables across the country, an official from the Ministry of Defense and National Research said.
In addition, the government has provided Rs 1,057 crore for capital support and a risk-sharing scheme dedicated to agricultural machinery. The program strives to lift per-acre income on farms across the country. At the end of the last financial year, the money was distributed among 507 borrowers.
Further, the official pointed out that the government has released loans worth Rs 12,817 crore through the Prime Minister’s Youth Agriculture Credit Scheme. The aim of the scheme is to promote young people’s involvement in agriculture and promote growth in the agriculture and livestock sector. With over 24,776 approved applications, 23,857 were successfully paid out under the scheme. Of the approved amount of Rs 14,917 crore, Rs 12,817 crore was distributed among the applicants.
To address the challenges of landless farmers hit by heavy rains and flash floods last year, the government provided Rs 3,830.9 crore in interest-free loans in June. The aid was provided to about 35,405 landless farmers with the aim of revitalizing the agricultural sector in flood-affected areas across the country.
The official emphasized that these initiatives were part of the government’s comprehensive strategy to rejuvenate the agricultural sector, increase crop production per hectares and promote sustainable growth in agriculture. The billion-dollar Kissan package government has demonstrated its commitment to agricultural development.
Published in EDP BLOGS, 14 August 2023.
