Puri (Odisha) [India], May 29 (ANI): Union Agriculture Minister Shivraj Singh Chouhan on Thursday hailed scientists stepping out of labs to share new agricultural research directly with farmers, emphasising practical implementation.
The government has also extended the Modified Interest Subvention Scheme to provide financial support to farmers, marking a significant step toward boosting agricultural productivity and farmer welfare.
Speaking to media persons, Chouhan said, “It is a historic day for the country as the scientists leaving their labs are going to farmers to inform them about new research and agricultural developments. Knowledge will not remain in labs but will be implemented on the ground.”
“Farmers, the Central Agriculture Ministry, the state department, and agricultural universities work together to ensure production increases…Yesterday, the Centre and the Cabinet extended the Modified Interest Subvention Scheme in the interest of farmers,” he told reporters.
Earlier, on Wednesday, the Union Cabinet approved the continuation of the interest subvention component under the Modified Interest Subvention Scheme (MISS) for farmers for the financial year 2025-26 and approved the required fund arrangements.
It is a Central Sector Scheme that ensures the availability of short-term credit to farmers at an affordable interest rate through the Kisan Credit Card (KCC).
Under the Scheme, farmers received short-term loans of up to Rs 3 lakh through Kisan Credit Cards (KCC) at a subsidised interest rate of 7 per cent, with a 1.5 per cent interest subvention provided to eligible lending institutions.
Additionally, farmers repaying loans promptly are eligible for an incentive of up to 3 per cent as a Prompt Repayment Incentive (PRI), effectively reducing their interest rate on KCC loans to 4 per cent.
Overall agricultural credit flow also rose from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24.
“The Cabinet’s decision reinforces the Government’s unwavering commitment to doubling farmers’ income, strengthening the rural credit ecosystem, and boosting agricultural growth through timely and affordable credit access,” the statement added. (ANI)
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