CM Bhagwant Mann’s agricultural infrastructure initiative aiding farmers with low-interest loans

Punjab E News: The Bhagwant Mann-led government’s Agricultural Infrastructure Fund (AIF) initiative is providing low-interest loans to Punjab’s farmers, a backbone of the agrarian state. With this fund, Punjab’s Chief Minister Bhagwant Mann aims to ease farmers’ dependency on high-interest loans, addressing one of the main causes of farmer suicides in India. Through AIF, the government is not only extending financial support but also emotional relief to farmers facing economic hardship.

Focused on promoting farmers’ welfare, Punjab’s AIF initiative has approved more agricultural projects than any other state. As of December 31, 2023, Punjab’s banks had approved a total of 8,515 projects, with 7,862 (92 percent) worth over Rs. 3,500 crore. Beneficiaries have so far received Rs. 2,044 crore in term loans under AIF. Upon completion, these projects promise to accelerate agricultural growth in Punjab.

To monitor and streamline AIF, the Punjab Horticulture Department has established a State Project Monitoring Unit (SPMU). The government is actively engaging stakeholders at district and block levels, indicating strong collaboration between the state, financial institutions, and stakeholders.

AIF Helpline for Farmers

The Punjab Horticulture Department has launched a WhatsApp helpline (9056092906) to assist potential beneficiaries with information about the AIF scheme. Under AIF, beneficiaries are eligible for term loans of up to Rs. 2 crore with a 3% interest subsidy over seven years for post-harvest and infrastructure projects. Banks will offer a 9% interest rate, and beneficiaries can establish up to 25 projects under this scheme. Additionally, AIF loans offer dual benefits, as they can be combined with other state and central schemes.