PM's new finance initiative of INR 100,000 Cr agriculture infra fund catalytic for agri-infra development: FAIFA

NEW DELHI, 15 August 2020: The Federation of All India Farmer Associations (FAIFA), a non-profit organization representing the cause of millions of farmers and farm workers of commercial crops has lauded Prime Minister Narendra Modi’s INR 100,000 crore Agriculture Infrastructure Fund financing facility.

This fund will be crucial for farmers, agri-entrepreneurs, startups, agri-tech players and farmer groups looking to boost the country's agriculture infrastructure. It will also allow the agri-sector to help enhance its contributions to the GDP, improve Balance of Trade, stimulate greater export potential of the farm sector and ensure a stable and prosperous life for our farmers by increasing incomes, FAIFA said in a statement.

Agriculture currently contributes to over 14 percent of the national GDP and provides livelihood to over 40 percent of the nation's workforce.

In 2020-21, its contribution towards economic stability is expected to be even higher amid the COVID-19 induced economic slowdown.

The newly launched finance facility will presently help farmers reach valuable post-harvest management solutions by building pivotal infrastructures like warehouses and cold storages to nurture farm assets.

The direct benefit of this critical infrastructure upgrade of the vulnerable agriculture sector will be farmers who will be able to get greater value for their produce, store and sell their crops at appropriate pricing, reduce farm wastage, increase processing time and over all equip a farm-led New India to compete globally by making its presence felt in organic and fortified food.

Javare Gowda, President, Federation of All India Farmer Associations (FAIFA) commenting on the release of the funds said "We are thankful for the new financing facility launched under the INR 100,000 crore under Agriculture Infrastructure Fund. This will help the farming sector to plan medium-to-long term debt financing facilities for investment in viable projects for post-harvest management infrastructure and build community farming assets through interest subvention and financial support. The fund will catalyze infrastructure development of modern cold storages and cold chain as well as warehouses in villages; it will also provide employment opportunities in rural areas."

Yashwanth Chidipothu, National Spokesperson, FAIFA using the occasion to thank the government on its visionary agri-centric steps, said, "The Agriculture Infrastructure Fund means a lot to our farming community, we can't seem to put into words how important and beneficent this monumental step is to our livelihood. This will largely benefit farmers setting up of cold stores and chains, warehousing, silos, assaying, grading and packaging units, e-marketing points linked to e-trading platforms and ripening chambers, besides PPP projects for crop aggregation sponsored by central/state/local bodies".

We wish and hope that, like in the past and present, your contribution to farmer friends will continue and further strengthen our bond. Once again, we would like to convey the sentiments of the Farming Community for supporting us in the need of the Hour.