To boost the farming sector, the government of Assam has launched the Zero Interest Crop Loan scheme for farmers, under which they can borrow up to INR. 1 lakh. After presenting the states 2017-18 budget, the finance minister of Assam Himanta Biswa Sarma made a statement saying that the proposal is aimed at encouraging farmers to avail the loan against the backdrop of low credit flow in the state’s rural region.
The minister also mentioned, Assam would perhaps be the first state in the country to take such transformation to drive the agricultural loans. The budget has allocated a sum if INR. 25 crore for the 2017-18 for the scheme.
With the launch of the mega mission for the development of villages across the state of Assam. The 5 year mission named Chief Minister Samagra Gramya Unnayan Yojana (CMSGUY) would be implemented with a total budget of INR. 30,000 crore.
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Highlights of the scheme
- To provide a hundred percent subventions offered in the zero interest crop loans for up to 1 lakh
- To be the first state to launch this type of scheme for the farmers
- The scheme is also known as the CM’s Samagra Gramya Unnayan Yojana
- It has a total budget of INR. 30 crore
- To increase the agricultural income.
Features of the scheme
- The incentive package has a very attractive nature and has been proposed by the government.
- The scheme was launched to create a positive situation among all farmers in the state of Assam.
- The scheme would reveal a huge tax collection in the income of the state and the country
- The future budget would not be in a deficit as it is INR. 2349 crore now.
- All farmers can take a loan of INR. 1 lakh without any interest.
Objectives of the scheme
- The scheme was launched to benefit the farmers of the state of Assam
- To provide them with financial backing in order to increase the agricultural sector
- The scheme would also benefit the government to increase their chances of decreasing the deficit the country is currently facing.
The scheme would surely benefit the farmers of the state of Assam and would put the government of Assam on the favourable list amongst the common man. This would allow for the development of the state and its lifestyle and successful implementation of the scheme would bring a massive change in the budget of the next financial year.