Budget 2019: Govt may hike agri credit target to Rs 12 lakh crore
New Delhi, Jan 20 : The farm credit target is likely to be raised by about 10 per cent to a record Rs 12 lakh crore in the 2019-20 Budget to be presented on February 1, according to sources.
For the current fiscal, the government has set a credit target of Rs 11 lakh crore.
"The government has been increasing the credit target for the farm sector every year. This time too, the target is likely to be increased by around 10 per cent or Rs 1 lakh crore to Rs 12 lakh crore for the 2019-20 fiscal," the sources said.
The agricultural credit flow has increased consistently over the years, exceeding the target set for each fiscal. For instance, credit worth Rs 11.68 lakh crore was given to farmers in 2017-18, much higher than the Rs 10 lakh crore target set for that year, they added.
Similarly, crop loans worth Rs 10.66 lakh crore were disbursed in the 2016-17 fiscal, higher than the credit target of Rs 9 lakh crore.
Credit is a critical input in achieving higher farm output. Institutional credit will also help delink farmers from non-institutional sources where they are compelled to borrow at usurious rates of interest, the sources added.
Normally, farm loans attract an interest rate of 9 per cent. However, the government has been providing interest subvention to make available short-term farm credit at an affordable rate and help boost farm output.
The government is providing 2 per cent interest subsidy to ensure farmers get short-term farm loan of up to Rs 3 lakh at an effective rate of 7 per cent per annum.
An additional incentive of 3 per cent is being given to farmers for prompt repayment of loans within due date, making the effective interest rate 4 per cent.
The interest subvention is given to public sector banks (PSBs), private lenders, cooperative banks and regional rural banks (RRBs) on use of own funds and to Nabard for refinancing RRBs and cooperative banks.
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UP: Fake IAS officer marries woman, flees with Rs 15 lakh dowry
Gorakhpur (UP) (PTI): A newly married man fled with the Rs 15 lakh given to him as dowry by the bride's family, and it came to light later that he was an alleged serial scammer, police said on Sunday.
The accused, identified as Pritam Kumar Nishad from Etawah, allegedly posed as an IAS officer to deceive the woman into marrying him. He is currently absconding with his sister, and a case has been filed against him for cheating, dowry harassment, and forgery, officials said.
According to the police, the woman's family claimed that they spent nearly Rs 30 lakh for the wedding that was solemnised on March 11.
The match was arranged through a matrimonial group, where the accused introduced himself as an IAS officer, sharing purported interview clips, office visuals, and photographs with politicians to gain the family's trust.
Despite initially claiming he would marry without dowry, the accused allegedly demanded Rs 15 lakh shortly before the engagement. The bride's family paid Rs 10 lakh in cash during the engagement and the remaining Rs 5 lakh on the wedding day, the police said.
The fraud came to light on Saturday after the woman reached Etawah, and a wedding attendee informed the family that the accused was not a civil servant. When her relatives visited the address provided by him, they found her in a small rented room, while the accused and his sister had fled, the police added.
The woman has also alleged that the accused planned to take her to Goa and sell her, and accused him of inappropriate behaviour.
The police suspect that the accused may have been involved in multiple such marriages in the past. Based on a complaint lodged at the cantonment police station, an FIR was registered on Saturday evening.
Senior Superintendent of Police Dr Kaustubh said efforts are underway to arrest the accused.
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