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Agriculture Finance News : Farmer requested Rs 5 lakh loan at 4%

Farmer groups and agriculture experts requested the government to provide loans of up to Rs 5 lakh to all farmers at 4 per cent interest and sought higher support price, increased coverage of crop insurance and consistent export policy.

During discussion about pre-Budget, fertiliser industry body FAI sought introduction of direct transfer of urea subsidy to farmers and higher budget allocation for next three years to clear arrears of Rs 50,000 crore.

Agriculture experts recommended exemption of income tax on profit made by farmer producer organisations and agri- cooperatives, creation of buffer stock of milk powder and outright ban at the meeting held here with Finance Minister Arun Jaitley. Finance Minister said the government giving highest importance to the farm sector which is facing troubles.Consortium of Indian Farmers Association (CIFA) has appealed that all farmers and tenant farmers should be provided crop loan at 4 per cent interest rate up to Rs 5 lakh.

The government should "double the number of farmers receiving loans up to Rs 2 lakh and for that charge only 1 percent interest, said farmer body Bharat Krishak Samaj (BKS) Chairman Ajay Vir Jakhar.

CIFA has demanded that the government fix minimum support price, covering the cost of production plus 50 percent profit. It also sought crop insurance to all farmers at a subsidised premium.