Centre's concessional loans for farmers through Kisan Credit card is a big step: EY India
New Delhi/ IBNS: Hours after India's Finance Minister Nirmala Sitharaman on Thursday announced that the Centre has extended the incentives on crop loans, which was due from Mar 1, till May 31, Satyam Shivam Sundaram, Partner, Government and Public Sector, EY India, said the move is a big step towards institutional credit to the marginal and small farmers.
In a statement, the EY India said: "The announcement by the government-linked to the concessional loans for farmers through Kisan Credit card and emergency working capital fund through NABARD is a big step towards institutional credit to the marginal and small farmers, who have hitherto mostly been availing credit from informal sector at a very high rate."
"Furthermore, along with the e-National Agriculture Market, these initiatives would also facilitate farmers’ adoption of market transactions for inputs, farm mechanisation, and sale of produce, thereby, ensuring a higher share of income for the farmers. The share of NBFCs and MFIs in agriculture sector, which had been stagnant at 36%, will certainly see a rise, and nearly three crore farmers are expected to be benefited from the emergency working capital fund itself," the statement said.
The MGNREGA scheme for migrant workers would not only provide employment but also open-up an avenue for creation of meaningful infrastructure which can spur economic growth for rural India, provided it is managed and planned well as a convergence of multiple schemes, it added.
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