Dec 312016

How to claim 60 Days of Interest by Government for Rabi and Kharif crops

Amidst the blasting celebrations of the oncoming New Year, PM Modi made some really vital announcements in his special address to the nation. The announcements spanned over all of nation, encompassing consumers, businessmen and farmers. The holistic approach or benefits thus announced by the government will help India to propel into a new era.

Interestingly, these announcements that were made by PM Modi in his historic announcement to the nation on New Year’s Eve and even weird, the speech was live telecast across the nation – even at pubs, bars and nightclubs.


60 Days of Interest to be Borne by Government

Of the several announcements made by PM Modi, one key announcement was made for the farmers of the nation. He started off stating that some people in the nation (he of course meant the opposition parties) created a gloomy atmosphere stating that the current BJP-led government ignored the agricultural sector of the economy and thereby, destroyed it completely.

However, according to PM Modi, the farmers gave a befitting reply to those nuisance creators by showing productivity. He gave some figures, which are:

  • The production of Rabi crop in India increased by 6% compared to last year.
  • The usage of fertilizers in India increased by 9% compared to last year.

Looking at the figures, the government has decided to give some interesting benefits to the farmers in some selected categories.

PM Modi stated that:

  • 60 days of interest on loans taken by farmers engaged in production of Rabi and Kharif crops will be borne by the government. The method to be used for this is that the farmers will first pay off the interest to Primary Society and District Cooperative Central Bank (organizations from where the farmers took loans) and then, the government will pay back the interest money directly to the bank accounts of the farmers.
  • Only last month, NABARD or National Bank for Agricultural and Rural Development, managed to create a pool of rupees 21,000 crores. NABARD is supposed to give this money to the Primary Society and District Cooperative Central Bank, which then extend agrarian credit to farmers. The government will now add another 20,000 crores to that pool and the entire money will be given to Primary Society and District Cooperative Central Bank at low interest so that farmers can get low-interest credit. The loss that NABARD will make because of this will also be borne by the central government.

Of course, low-interest loans will mean increased agrarian activities and production as farmers can purchase more seeds and fertilizers. This will give a boost to the agrarian sector of the nation.

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