Govt disburses nearly Rs 1.36 lakh cr of agriculture credit to farmers in Q1 FY13

SME News, Friday, Nov 16, 2012 18:37:41 PM IST

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NEW DELHI: The government has disbursed close to Rs 1.36 lakh crore of agriculture credit to farmers during the first quarter of the ongoing financial year (2012-13).

“The target of credit flow for the year 2012-13 has been fixed at Rs 5.75 lakh crore and achievement as on June 30, 2012 is Rs 1,35,956.49 crore,” according to the background note prepared for the Economic Editors conference.

For the year 2011-12, the target of credit flow has been fixed at Rs 4.75 lakh crore and achievement as on March 31, 2012 is Rs 5,11,029.09 crore, forming over 108 per cent of the target.

From kharif 2006-07, farmers are receiving crop loans up to a principal amount of Rs 3 lakh at 7 per cent of interest.

In 2009-10 fiscal, the Government provided an additional 1 per cent interest subvention to those farmers who repaid their short-term crop loans as per schedule. However, from 2010-11, the government increased this subvention to 2 per cent and to three per cent from 2011-12.

As per the revised estimates released by the Central Statistics Office (CSO), agriculture and allied sectors are expected to grow at 2.8 per cent during 2011-12 fiscal.

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Govt disburses nearly Rs 1.36 lakh cr of agriculture credit to farmers in Q1 FY13

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