Officials said in a statement on Monday that the government had launched a special two-month event under the mission model to provide Kisan credit cards (KCC) to 15 million dairy farmers affiliated with milk unions and milk production companies.
The Ministry of Fisheries, Animal Husbandry and Dairy stated that the sport will take place from June 1st to July 31st.
The Ministry of Animal Husbandry and Milk has cooperated with the Ministry of Financial Services and has distributed relevant notices and KCC application formats to all state milk federations and milk unions for implementation under the mission model.
Prime Minister’s Atma Nirbhar Bharat package for farmers
The Prime Minister’s special initiative to provide KCC to 15 million dairy farmers is part of Prime Minister Atma Nirbhar Bharat’s package for farmers. Finance Minister Nirmala Sitharaman announced on May 15 that the KCC plan will cover 25 million new farmers. This will provide additional liquidity of Rs 500 crore to farmers suffering from the recent economic downturn.
Driven by the dairy cooperative movement, about 1.7 million farmers in the country have established contacts with 230 milk unions.
The statement said that in the first phase of the campaign, the goal was to cover all farmers who are members of dairy cooperatives, have links to different milk unions, and do not have KCC.
The statement said that farmers who already own KCC based on land ownership can increase the KCC line of credit, although they can only receive an interest subsidy of Rs 300,000.
Although the general limit of the unsecured KCC credit line is still 160,000 rupees, the case of dairy farmers purchasing milk directly through the union belongs to the bundling arrangement between the producer and the processing unit, and there is no intermediary, so the unsecured credit line It can be as high as 300,000 rupees. The department said this will ensure that dairy farmers associated with the milk union have more credit available and that bank loans are repaid.
As the dairy industry is one of the fastest growing industries with a compound annual growth rate of over 6% over the past five years, providing short-term credit to dairy farmers to meet their needs for working capital and marketing will increase their The productivity statement said.
(Input from IANS)