Farmers to Get Interest-Free Loans
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In a progressive move to boost animal husbandry and fish farming, the Rajasthan government is set to launch the “Gopal Credit Card Yojana.” This initiative aims to provide interest-free loans to farmers, allowing them to invest in animal husbandry and related activities. The scheme will be implemented through cooperative banks, offering financial support to cattle rearers across the state.
Gopal Credit Card to Benefit 5 Lakh Farmers
State Minister for Cooperation, Gautam Kumar, announced the launch of the Gopal Credit Card Scheme, highlighting the government’s commitment to supporting farmers and cattle rearers. In the first phase, approximately 5 lakh cattle-rearing families will receive interest-free short-term loans of up to one lakh rupees. These loans can be used for animal husbandry, dairy-related activities, and the construction of sheds and khali (storage facilities). Applications for the scheme will be invited soon, providing much-needed financial assistance to rural communities.
Substantial Investment in Cooperative Sector
The Rajasthan government has approved a grant demand of Rs. 19 billion 80 crore 29 lakh 71 thousand for the cooperative department. Minister Gautam Kumar informed the Assembly that there are over 1.35 crore members of 41,000 different cooperative societies in the state. These societies have a share capital of more than Rs. 21,480 crore and a working capital of over Rs. 1,37,096 crore. Approximately 20% of the state’s population is associated with the cooperative sector, reflecting its significance in rural development.
To meet the short-term needs of farmers, a target has been set to distribute crop loans worth Rs. 23,000 crore and add 5 lakh new members to cooperative societies in the current financial year. As of July 24, 2024, short-term crop loans have already been distributed to 24 lakh farmers, demonstrating the government’s commitment to agricultural growth.
Increased Loan Limits and Subsidies
The government is expanding the scope of long-term loans provided by cooperative banks. The loan amount, which was Rs. 50 crore last year, will be doubled to Rs. 100 crore. Additionally, the interest subsidy for farmers who repay their loans on time has been increased from 5% to 7%. This incentive aims to encourage timely repayment and ensure the sustainability of the cooperative lending system.
Plans to increase warehouse capacity
The state government has also announced plans to increase warehouse capacity for the first time. Previously, warehouses were limited to 100 metric tons, but now, the government will build warehouses with a capacity of up to 500 metric tons. The budget for this initiative has been increased nearly threefold to Rs. 35 crore, ensuring adequate storage facilities for agricultural produce.
Impact on Rural Development
The expansion of cooperative lending and the introduction of innovative schemes like the Gopal Credit Card are expected to have a significant impact on rural development. By facilitating access to credit and encouraging investment in agriculture and animal husbandry, these initiatives are helping to boost economic growth and improve the quality of life for rural communities. In short, the Gopal Credit Card Yojana represents a significant step towards enhancing the financial inclusion of farmers in Rajasthan. By providing interest-free loans and expanding cooperative lending, the government is fostering a more resilient and prosperous agricultural sector.
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