Uttar Pradesh allocates Rs 300 Crore to lend money to farmers at preferential rates through cooperatives

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Focusing on the cooperative sector, the government of Uttar Pradesh has allocated Rs 450 crore for the industry in the state budget for 2022-2023.

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 the pre-storage of chemical fertilizers. These budgetary provisions will be useful in granting loans to farmers at preferential interest rates and in providing fertilizers in a timely manner.

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

With this amount provisioned for interest subsidy, farmers will have no problem obtaining adequate agricultural credit for their crop needs. Nor will lending institutions be burdened with agricultural loans.

The state government has also made sure to provide fertilizers to farmers on time, according to the needs of their crops. Most of the responsibility for fertilizer distribution rests with the cooperatives. Timely distribution of fertilizers is only possible when cooperatives have adequate storage.

The state government has made a provision of Rs 150 crore for pre-stocking of chemical fertilizers so farmers don’t have to go home empty-handed.

Also in the last budget, a provision of Rs 150 crore was made for forward storage of chemical fertilizers. Farmers obtained adequate fertilizers in a timely manner through cooperative institutions and did not have to run from one pillar to another. In addition, a provision of Rs 10 crore has been made for the integrated cooperative development program in the latest budget.

Payment to farmers is made within 72 hours of purchasing wheat and paddy through cooperative societies.

At the same time, a modernization plan for these committees has been prepared. Accordingly, the cooperative societies will be upgraded by developing a mobile application.

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