Punjab achieved remarkable growth in Agriculture Infrastructure Fund in July: Chetan Singh Jauramajra

Registers 117% increase during first quarter as compared to the previous FY

Chandigarh :Punjab Horticulture Minister S. Chetan Singh Jauramajra, on Tuesday, said that the state has witnessed remarkable growth in Agriculture Infrastructure Fund (AIF) during the month of July. He said that the AIF scheme has been instrumental in fostering the entrepreneurial spirit of Punjab, leading to significant progress in the state’s agricultural infrastructure.

Divulging further details, the Cabinet Minister said that till the month of July, a total of 8411 applications were received from all over the state, reflecting the strong interest and enthusiasm among the agricultural community to invest for setting up various agri-based projects. The cumulative worth of these projects stands at an impressive Rs.4579 crores, which demonstrates the commitment of Punjab’s farmers to enhancing the agricultural landscape.

Advertisements

He said that Department of Horticulture, which serves as the State Nodal Agency for the AIF scheme has played a vital role in facilitating this growth by providing support and guidance to the applicants.

Advertisements

He said that the beneficiaries have applied for loan amount of Rs.2481 crores out of which Rs.1395 crores have been sanctioned to benefit 4745 eligible projects till now. This financial assistance will undoubtedly empower farmers and entrepreneurs to strengthen their agricultural initiatives and boost overall productivity, said the Minister, while adding that Rs.980 crores have already been disbursed.

Advertisements

S. Chetan Singh Jauramajra reiterated that Chief Minister S. Bhagwant Mann led state government is committed to ensuring the prosperity and progress of the agricultural community in Punjab and the promotion of AIF scheme continues to be a testament to the government’s vision of driving sustainable agricultural development and empowering farmers to thrive.

He informed that Punjab has also performed well during the first quarter of this financial year under the AIF scheme, recording an increase of 117 percent as compared to the corresponding period of the previous year. In the previous financial year, the department received 3480 applications, while till the current year’s first financial quarter, total 7547 applications have been received. The investment amount of these applications was Rs.4038.08 crores, marking a 40.36 percent increase compared to the previous year’s Rs.2876.98 crores. He said that Rs.1113.46 crores was sanctioned for 3837 eligible projects up till June 30.

The Cabinet Minister said that the department is conducting special campaign to create awareness about the scheme in the state, particularly in the border districts, aiming to connect more farmer groups to the AIF scheme and promote community farming.

Farmers can set up various agriculture-related projects under AIF

Horticulture Minister S. Chetan Singh Jauramajra informed that beneficiaries can utilize this scheme for various projects, including storage structures, sorting, grading, waxing units, primary processing centers (flour mills, oil mills, daal mills), ripening chambers, packhouses, crop residue management units/machines, solar pumps, biogas plants, smart and precision agriculture, farm and harvest automation, input production (seeds/tissue culture/nursery/fertilizers), supply chain infrastructure, honey processing, sericulture, and other agricultural activities. Some projects are limited to farmer groups, such as polyhouse/greenhouse, vertical farming, hydroponics/aeroponics, mushroom cultivation, logistics facilities and tractors etc. Apart from this, beneficiaries can also install solar panels on eligible projects. A minimum 10 percent contribution from the beneficiary is mandatory to avail a loan under this scheme, he added.

S. Jauramajra said that the scheme offers 3 percent interest assistance for loans up to Rs.2 crores with the interest rate capped at 9 percent. This assistance can be availed for up to 7 years. Under AIF Scheme, the credit guarantee fee is also reimbursed. Each beneficiary is eligible to set up to 25 projects, he mentioned.

News