November 3, 2014
WB Govt to set up farming machinery banks for small, marginal farmers
The West Bengal Government now has taken the initiative to set up a farming machinery bank. The initiative comes after the successful project of setting up seed banks. With the help of the farming machinery bank, the farmers of the state, who mostly belong to poor and marginal class, will be able to loan required machinery for cultivating their lands at a low cost.
With power tiller, Tractors, rotavetor, combined harvestors and drum seeders in store, the farmers, individually or in groups, will be able to loan such machinery, The Bank will decide what the charges will be for hiring the machinery, but cost will be minimum and affordable.
The State Government will give a maximum of Rs 24 lakh as subsidy to the investments made by the banks. Such a Bank may invest Rs 10 to 60 lakh for the machinery. Up to 35% of the loan amounts will be available from regional or cooperative banks too. A committee under the district magistrate will examine the applications and make the process faster.
It is expected that after the processes are in place, there will be a 30% increase in agricultural production in the state.
