To give the rural economy a leg-up, the Union Budget has set 11 per cent higher agricultural credit target at ₹10 lakh crore for banks in FY2018 as against ₹9 lakh crore in the previous year and also announced two new funds – one for micro-irrigation and another for dairy development – under the aegis of the National Bank for Agriculture and Rural Development (Nabard).
Emphasising that for a good crop, adequate credit should be available to farmers on time, Finance Minister Arun Jaitley said, “We will take special efforts to ensure adequate flow of credit to the under-serviced areas, the eastern states and Jammu & Kashmir.”
The farmers will also benefit from 60 days’ interest waiver announced by the Prime Minister on loans taken from cooperatives, Jaitley added.
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