Govt allocates millions for agro-based SMEs
photo: file
In a bid to bolster agricultural growth and increase farm income, the government has allocated Rs2,953 million for the modernisation of agro-based Small and Medium Enterprises (SMEs). This initiative aims to enhance farm output and encourage value addition within the agricultural sector, thereby contributing to higher profits.
Under the Prime Minister Kissan Package, this fund has been distributed among 177 borrowers engaged in activities such as dairy, livestock food processing, and fruit and vegetable packaging across the nation, said an official from the Ministry of National Food Security and Research.
Additionally, the government has provided Rs1,057 million for a mark-up subsidy and a risk-sharing scheme dedicated to farm mechanisation. This initiative strives to elevate per-acre farm income across the country. By the close of the last fiscal year, this amount was disbursed among 507 borrowers.
Furthermore, the official highlighted that the government has disbursed a substantial Rs12,817 million through the Prime Minister Youth Agriculture Loan Scheme. This scheme aims to stimulate youth engagement in agricultural entrepreneurship and foster growth within the agriculture and livestock sectors.
With over 24,776 applications approved, 23,857 were successfully disbursed under this scheme. Out of the approved amount of Rs14,917 million, Rs12,817 million were distributed among the applicants.
Addressing the challenges faced by landless farmers impacted by torrential rains and flash floods last year, the government provided Rs3,830.9 million in interest-free loans by June. This support was extended to approximately 35,405 landless farmers, aiming to rejuvenate the agriculture sector within flood-affected regions nationwide.
The official emphasised that these initiatives were part of the government’s comprehensive approach to revive the agriculture sector, elevate per-acre crop output, and drive sustainable agricultural growth. The government’s multi-billion-rupee Kissan Package underscores its commitment to agricultural development and economic progress.
Furthermore, the official highlighted that Rs12,817 million were disbursed under the Prime Minister Youth Business and Agriculture Scheme, benefiting 23,857 farmers.
Published in The Express Tribune, August 12th, 2023.
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