Budget 2024: Government can focus on farmers in the interim budget, this gift can be given regarding agricultural loans.
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budget 2024: Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) is to present the last general budget of this tenure of the Central Government on 1 February. Women, poor, youth, farmers and tribal class have special hopes and expectations from this interim budget. It is understood that the pre-election budget may focus on welfare schemes for these five major sections of the society. The government may announce in the interim budget 2024 to increase the agricultural credit target to Rs 22-25 lakh crore for the next financial year. Also, it will ensure that every eligible farmer has access to institutional credit. Sources gave this information. The government’s agriculture-credit target for the current financial year is Rs 20 lakh crore. At present, the government provides an interest subvention of two per cent on short-term agricultural loans up to Rs three lakh for all financial institutions. This means that farmers are getting agricultural loans up to Rs 3 lakh at a concessional rate of seven percent per year. Additional interest rebate of three percent per year is also being provided to farmers who make timely payments. Farmers can also take long term loans but the interest rate is as per the market rate.
Government increasing loan network of farmers
Sources said that the agricultural credit target for the financial year 2024-25 may increase to Rs 22-25 lakh crore. More attention is being given to agri-credit and the government is running several campaigns to identify the left out eligible farmers and bring them into the credit network. Sources said the agriculture ministry has also created a separate division on ‘credit’ (for loans) as part of a focused approach. Apart from this, sources also said that loan distribution for various agriculture and allied activities has been more than the target in the last 10 years. Government data shows that in the current financial year, about 82 per cent of the agri-credit target of Rs 20 lakh crore by December 2023 has been achieved.
Banks gave loan of Rs 16.37 lakh crore
According to official data, loans worth about Rs 16.37 lakh crore have been disbursed by both private and public banks in the said period. Sources said that agricultural loan distribution is likely to exceed the target in this financial year also. During the financial year 2022-23, the total agricultural loan disbursement was Rs 21.55 lakh crore. This was more than the target of Rs 18.50 lakh crore set for this period. According to the data, 7.34 crore farmers have received loans through the network of Kisan Credit Card (KCC). About Rs 8.85 lakh crore was outstanding till March 31, 2023.
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