Government to provide 17,000 crore rupees to farmers with zero interest

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Farmer in the field

The Madhya Pradesh government has decided to extend the plan to provide agricultural loans to farmers at zero percent interest for one year. A target of Rs 17,000 crore has been set for these loans during the 2022-2023 fiscal year. This program benefited 30 lakh farmers during the current fiscal year.

These farmers received a loan of Rs 13,000,707 crore which would last until December 24, 2021. Farmers who repay public funds on time will benefit greatly.

A provision was created last month to provide the government with share capital of Rs 500 crore for the 2021-2022 fiscal year. Markfed (Madhya Pradesh State Cooperative Marketing Federation Limited) will be able to use this money to buy and sell fertilizer without paying interest. This information was shared at a meeting on cooperatives hosted by Chief Minister Shivraj Singh Chouhan.

Cooperatives for use in new areas

Cooperatives should be used in new areas, according to the chief minister, in addition to agriculture and animal husbandry. Cooperatives in fishing, goat ranching, rural transport, health, tourism and the production of various food products can all help bring about positive change.

Prepare a roadmap for co-ops understanding their reach and broad influence. It is essential to ensure that cooperatives are used in non-traditional sectors.

Primary agricultural credit companies to be strengthened

CM stressed the need to encourage cooperatives to use computers. Likewise, in large cities, the task of remedying the irregularities of cooperative housing construction groups has been demanded. He also said the effort to enable Primary Farm Credit Societies (PACS) needs to be boosted. These committees serve as the foundation for the growth of cooperatives. The employees involved in it should also receive useful training.

Keeping an eye out for underperforming banks

In self-sufficient Madhya Pradesh, he said, a new cooperative policy should be established respecting the sense of wealth of cooperatives.

There is no reason to continue providing public equity capital to poorly performing district cooperative banks. The beneficial work done in the cooperative sectors of other states should be replicated in Madhya Pradesh. Irregularities in cooperative house building societies in large cities have been reduced, but a long-term policy should be developed to ensure that no one wastes hard-earned wealth.

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