Government's 'BHARAT' Campaign Ignites Agricultural Infrastructure Growth

In a bid to bridge the prevailing gaps in agricultural infrastructure and catalyze investments in this crucial sector, the Government introduced the Agriculture Infrastructure Fund (AIF) scheme in 2020. The scheme's primary goal was to mobilize medium to long-term debt financing for projects related to post-harvest management infrastructure and community farming assets. This initiative aimed to provide financial support and incentives, fostering sustainable growth.

Under the AIF scheme, banks and financial institutions were anticipated to provide loans totalling Rs. 1 Lakh Crore, accompanied by an interest subvention of 3% per annum and credit guarantee coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) for loans up to Rs. 2 Crores. This initiative has gained significant traction, resulting in loans amounting to a remarkable Rs. 26,064 Crores sanctioned for 33,369 projects. The projects sanctioned under this scheme have consequently spurred an impressive investment of Rs. 44,208 Crores within the agriculture sector.

A New Dawn: 'BHARAT' Campaign for Accelerated Transformation

As the nation strives towards accelerated rural and agricultural transformation, a fresh campaign named 'BHARAT' (Banks Heralding Accelerated Rural & Agriculture Transformation) has emerged under the ambit of the Agriculture Infrastructure Fund Scheme. Launched recently by the Government, this campaign aims to maximize the advantages bestowed upon citizens and instil a sense of competition among various banks and lending institutions. The overarching goal is to expedite the process of granting loans for agriculture infrastructure projects.

Operating for a month, from July 15th, 2023, to August 15th, 2023, the 'BHARAT' campaign intends to recognize the top-performing banks across different categories, including commercial banks in both the public and private sectors, regional rural banks, small finance banks (SFBs), non-banking financial companies (NBFCs), and cooperative banks. The campaign has already seen remarkable progress, with an aggregate of Rs. 1239 Crores sanctioned for 1375 projects by a multitude of banks, as of July 31st, 2023.

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Unveiling the Momentum: Launch and Execution

The inauguration of the campaign took place on July 12th, 2023, and witnessed the participation of over 100 banking executives, including Managing Directors, Chairpersons, and Executive Directors of commercial banks, regional rural banks, small finance banks, NBFCs, and select cooperative banks. The campaign's daily performance updates are shared among all banks, stimulating enthusiasm and competitive spirit within the institutions to exceed their targets.

The Ministry of Agriculture and Farmers' Welfare remains committed to fostering regular interactions with bank executives through various modes of communication. This includes performance reviews and engagement with slow movers and non-starters, aiming to inspire enhanced participation.

Nurturing Collaboration and Performance

The campaign has generated impressive responses from banks, with encouraging achievements vis-à-vis the targets set for agricultural infrastructure projects. The Ministry establishes annual AIF targets for individual banks based on factors such as their clientele base, geographical reach, and historical agricultural advances. With a designated AIF Nodal Officer in place, constant contact is maintained with each bank to ensure the smooth implementation of the AIF Scheme.

Capacity-building programs and awareness sessions on the AIF Scheme are conducted in collaboration with Bankers' Training Colleges. These sessions underscore the enthusiasm of the banks in contributing to agricultural infrastructure creation.

Towards a Flourishing Future

With an array of mechanisms in place, including capacity-building initiatives, award ceremonies, and social media engagement, the 'BHARAT' campaign is setting the stage for rapid agricultural infrastructure growth. As the country's farming sector undergoes a metamorphosis, these efforts promise a promising future, fueling agricultural progress and rural transformation.

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