Uttar Pradesh Allocates Rs 300 Crore to Lend Money to Farmers at Concessional Rates Via Cooperatives

Focusing on the cooperative sector, the Uttar Pradesh government has allocated Rs 450 crore for the industry in the state’s budget for 2022-23.

The state government has made a provision of Rs 300 crore for the interest subsidy scheme while the remaining Rs 150 crore has been allocated for advance storage of chemical fertilisers. These budgetary provisions will be helpful in providing loans to farmers at concessional interest rateand in providing fertilisers in a timely manner.

In the budget presented by the Yogi Adityanath-led government for 2022-23, the interest has also been covered through cooperatives. The government has proposed a provision of Rs 300 crore for the interest subsidy (loan subsidy) scheme to provide loans to farmers at concessional rates through cooperative institutions.

With this amount provisioned for interest subvention, farmers will not face any problem in getting adequate agricultural credit for crop needs. Lending institutions will also not be burdened with crop loans.

The state government has also paid attention to providing fertilisers to farmers on time, as per their crop needs. Most of the responsibility for distribution of fertilisers rests with cooperatives. Timely distribution of fertilisers is possible only when cooperatives have an adequate storage.

The state government has made a provision of Rs 150 crore for advance storage of chemical fertilisers so that farmers do not have to return empty-handed.

In the last budget, too, a provision of Rs 150 crore was made for advanced storage of chemical fertilisers. Farmers got adequate fertilisers in a timely manner through cooperative institutions, and did not have to run from pillar to post. Besides, a provision of Rs 10 crore was made for the integrated cooperative development scheme in the last budget.

Payment to farmers is being done within 72 hours of purchase of wheat and paddy through cooperative societies.

Along with this, a blueprint to modernise these committees has been prepared. Accordingly, cooperative societies will be upgraded by developing a mobile app.

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