Cooperatives to offer interest subsidy for long-term loans to farmers

The Bengal Government has decided to give interest subsidy for long-term loans to farmers from cooperatives.

This was a recent suggestion of the State Level Monitoring Committee for Cooperative Sector, a high-powered committee set up last January to look into the matter of extending banking facilities to more rural areas and into other areas to improve the cooperative sector.

Interest subsidy for short-term loans is already being extended to farmers. Now the same would be given for long-term loans. It will ensure further development of the State in the agriculture sector.

The Trinamool Congress Government has given a new lease of life to the State’s agriculture sector. Decisions like waiving tax on agricultural land and helping farmers with modern tools, and many others, have ensured an increase in the yield of numerous crops, helping the State bag the Central Government’s Krishi Karman Award for five consecutive years.

For the welfare of farmers, old-age pension – to those above 60 years – is being given. The number of recipients was recently decided to be increased, as well as the amount – from 69,000 to 1 lakh, and from Rs 650 to Rs 750 per month to Rs 1,000, respectively.

Source: Millennium Post