PM’s new finance initiative under Rs 1 lakh crore Agriculture Infrastructure Fund catalytic for Agri-infra development: FAIFA

·         The finance facility will help build pivotal infrastructure like warehouses, cold storage and nurture farm assets

·         Will Enhance GDP, Improve Balance of Trade and stimulate the global export potential of agriculture sector

·         Agriculture currently contributes to over 14% of the national GDP and provides livelihood to over 40% of the nation’s workforce

New Delhi, 11 August, 2020: The Federation of All India Farmer Associations (FAIFA), a non-profit organization representing the cause of millions of farmers and farm workers of commercial crops across the states of Andhra Pradesh, Telangana, Karnataka, Gujarat etc. on behalf of the entire farming community lauds the recent launch of financing facility by Hon’ble Prime Minister Narendra Modi under the visionary Rs 1 lakh crore Agriculture Infrastructure Fund. This fund will be crucial for farmers, agri-entrepreneurs, startups, agri-tech players and farmer groups looking to boost the country’s agriculture infrastructure. It will also allow the agri-sector to help enhance its contributions to the GDP, improve Balance of Trade, stimulate greater export potential of the farm sector and ensure a stable and prosperous life for our farmers by increasing incomes.

Agriculture currently contributes to over 14% of the national GDP and provides livelihood to over 40% of the nation’s workforce. In 2020-21, its contribution towards economic stability is expected to be even higher amid the COVID-19 induced economic slowdown. The newly launched finance facility will presently help farmers reach valuable post-harvest management solutions by building pivotal infrastructures like warehouses and cold storages to nurture farm assets. The direct benefit of this critical infrastructure upgrade of the vulnerable agriculture sector will be farmers who will be able to get greater value for their produce, store and sell their crops at appropriate pricing, reduce farm wastage, increase processing time and over all equip a farm-led New India to compete globally by making its presence felt in organic and fortified food.

Mr. Javare Gowda, President, Federation of All India Farmer Associations (FAIFA) commenting on the release of the funds said “We are thankful for the new financing facility launched under the Rs 1 lakh crore under Agriculture Infrastructure Fund. This will help the farming sector to plan medium-to-long term debt financing facilities for investment in viable projects for post-harvest management infrastructure and build community farming assets through interest subvention and financial support. The fund will catalyze infrastructure development of modern cold storages and cold chain as well as warehouses in villages; it will also provide employment opportunities in rural areas.”

Mr. Yashwanth Chidipothu, National Spokesperson, FAIFA using the occasion to thank the government on its visionary agri-centric steps, said, “The Agriculture Infrastructure Fund means a lot to our farming community, we can't seem to put into words how important and beneficent this monumental step is to our livelihood. This will largely benefit farmers setting up of cold stores and chains, warehousing, silos, assaying, grading and packaging units, e-marketing points linked to e-trading platforms and ripening chambers, besides PPP projects for crop aggregation sponsored by central/state/local bodies”.

We wish and hope that, like in the past and present, your contribution to farmer friends will continue and further strengthen our bond. Once again, we would like to convey the sentiments of the Farming Community for supporting us in the need of the Hour.