CM Patnaik Distributes Rs 441.76 Crore Interest Subvention on Farm Loans

Odisha Chief Minister Naveen Patnaik disbursed an interest subvention of INR 441.76 crore ($58.6 million) on farm loans, benefiting 35 lakh farmers in the state. The amount was given at a function held at Lok Seva Bhawan. Patnaik stated that almost 60% of the credit is being given to farmers through cooperative bodies.

The second phase amount was given against the loans given by all cooperative banks and 2,409 primary agricultural cooperative societies. This was the second phase of farm loan subvention for 2022-2023. In the first phase, an interest subvention of INR 415.17 crore had been given.

Farmers in the state have so far received a total interest rebate of INR 856.99 crore, the chief minister claimed. Patnaik mentioned that farmers in Odisha do not have to pay any interest for crop loans up to INR 1 lakh. Out of 35 lakh farmers, 30 lakhs are small and marginal farmers, according to an official release issued by the CMO.

Patnaik said a special budget has been made to empower the farmers in the state. Interest-free agricultural loans up to INR 1 lakh are being given, while the Kalia education scholarship is being provided for the welfare of the families engaged in farming. He also pointed out that Kiran Sahu, a farmer’s son in Ganjam, received a scholarship to study at MKCG medical college in Berhampur.

Odisha is the first state in the country to provide interest-free loans to farmers and implement welfare schemes like Kalia, the chief minister claimed. Due to the interest subvention, farmers will not have to pay a single rupee of interest. Cooperation Minister Atanu Sabyasachi said that the state government is working with commitment for the uplift of the farmers in the state.

Three beneficiaries – Reena Sethi, Nikunj Bihari Kaap, and Savita Samantray – explained on the occasion how they are able to sustain their families through farming and business due to the interest concession on major loans. They said many farmers’ families have become self-reliant due to the interest rebate scheme.

-With PTI Inputs

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