Page 81 - NIS - English,16-30 September,2022

CABINET DECISIONS

HASSLE-FREE LOANS TO FARMERS; INDIAN TRADITIONAL

KNOWLEDGE WILL BE ACCESSIBLE TO THE WORLD

Ensuring unhindered credit availability to farmers at
affordable rates has been the top priority of the government.
Accordingly, the Kisan Credit Card scheme was launched
for farmers to empower them to buy agricultural products
and services on credit at any time. The government of
India launched the Interest Subvention Scheme in order
to ensure that farmers can pay the minimum interest rate
to the bank. Its name has now been changed to Revised
Interest Subvention Scheme, so that short-term loans can be

provided to farmers at low interest rates.

n Decision - The cabinet approved 1.5% annual n Decision - The cabinet approved an increase
interest subvention on short-term agricultural in the purchase limit of tur, urad and masoor
loans up to Rs.3 lakh. from the existing 25 percent to 40 percent
n Impact: This initiative has been taken to ensure under the price support scheme. Along with
adequate credit flow to the agriculture sector, this, the States and Union Territories were also
which will increase employment opportunities allowed to release 1.5 million tonnes of gram
in the fields of animal husbandry, dairy, poultry, at concessional rates from the buffer stock for
fisheries etc. Under this scheme, an additional use in various welfare schemes.
budgetary provision of Rs 34,856 crore will n Impact: States will be offered to lift 15 lakh
be required for the period from 2022-23 to tonnes of gram on a 'first come first serve'
2024-25. Farmers will continue to take short- basis with a discount of Rs.8 per kg on
term agricultural loans at an interest rate of 4 the issue price of the source states. The
percent per annum while repaying the loan on government will spend Rs 1,200 crore on the
time. implementation of this scheme.
n Decision - Allowed access to traditional n Decision - The Cabinet has approved an
knowledge digital library databases for increase in the limit of Emergency Credit Line
common users. It is a primary database of Guarantee Scheme by Rs 50,000 crore from Rs
Indian traditional knowledge established in 4.5 lakh crore to Rs 5 lakh crore.
2001. n Impact: Through this increase, the lending
n Impact: The opening of the Traditional institutions will be encouraged to extend
Knowledge Digital Library will encourage additional credit at lower cost to enterprises
R&D and innovation in diverse fields based in these sectors to enable these business
on India's valuable heritage. It will act as an enterprises to meet their operational liabilities
important source for pushing the boundaries and continue their business. This additional
of knowledge and technology. Its present amount has been specifically earmarked for
content will facilitate wider adoption of Indian enterprises in the hospitality and allied
traditional medicines. sectors.

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New India Samachar September 16-30, 2022 79
New India Samachar September 16-30, 2022