Report card on ‘Kisan credit card’- Business News

The yr 2020 will go down in historical past because the yr of unprecedented financial disaster within the wake of COVID-19 pandemic and subsequent lockdown. The financial system, for the primary time in 4 many years, slipped right into a recession, migrant employees left cities, manufacturing got here to a close to halt, the companies sector confronted its worst downturn, and MSMEs begged for presidency help to outlive.

Nonetheless, practically a yr after the coronavirus pandemic disrupted lives and the financial system, issues are slowly limping again to normalcy. The federal government on its half introduced a number of measures beneath Atmanirbhar Bharat to steer the financial system by the pandemic. The Rs 20 lakh crore package deal introduced in tranches was doled out to supply reduction to these most affected by the coronavirus disaster and spur financial progress.

Introduced in three phases, the measures beneath Atmanirbhar Bharat Abhiyan comprised Kisan Credit score Playing cards (KCC), government-guaranteed loans to MSMEs, Atmanirbhar Bharat Rozgar Yojana for job creation, emergency working capital for farmers by way of NABARD, extension of production-linked incentive (PLI) scheme to stimulate home manufacturing of products, and Rs 1.18 lakh crore value of loans for energy discoms.

Speaking in regards to the KCC drive, the Finance Ministry just lately stated in a tweet that banks had issued 1.Eight crore Kisan Credit score Playing cards with a credit score restrict of Rs 1.68 lakh crore as of January 8, 2021.

“Particular KCC Drive: Guaranteeing #AatmaNirbharKrishi by offering handy & cost-effective credit score supply to farmers. Taking part in a important function in fulfilling the target of meals safety for our nation by driving rural financial system & accelerating agriculture & allied actions,” the ministry tweeted.

“Re-strengthening financial system by reforms: Offering concessional credit score by Kisan Credit score Playing cards to farmers together with PM-KISAN beneficiaries, Fishermen and Animal Husbandry farmers,” it stated in one other tweet.

As a part of the Aatmanirbhar Bharat Package deal, the federal government in Might 2020 had introduced to cowl 2.5 crore farmers beneath the KCC scheme with a credit score increase of Rs 2 lakh crore by a particular saturation drive. The supply was made to assist farmers meet monetary necessities in the course of the COVID-19 disaster.

The KCC Scheme was launched in 1998 with the aims of offering ample and well timed credit score to farmers. The Centre offers curiosity subvention of two per cent and immediate compensation incentive of three per cent to farmers, thus making the credit score obtainable at a really subsidised fee of four per cent each year.

The federal government has taken main farmer-friendly steps by extending the advantages of KCC with curiosity subvention in 2019 to Animal Husbandry together with Dairy and Fisheries farmers for his or her working capital requirement and elevating the prevailing restrict of collateral-free agriculture mortgage from Rs 1 lakh to Rs 1.60 lakh.

— to www.businesstoday.in

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