“The scheme, operational for 10 years, will be reviewed by the Department of Expenditure for evaluation and mid-course correction if required,” said a senior agriculture department official, who did not wish to be identified. “It will be monitored regularly through an online platform. All assets created under this scheme will be geotagged for effective real-time monitoring.”
Under this scheme, disbursement is scheduled in four years, starting with sanction of Rs 10,000 crore in the first year and Rs 30,000 crore each in the next three financial years.
The government plans to develop an integrated monitoring system at district, state and national levels to monitor implementation of projects.
“An online platform will be made available in collaboration with participating lending institutions to provide information and loan sanctioning facility,” said the official.
The official said the system will also provide benefits such as transparency of interest rates offered by multiple banks, scheme details including interest subvention and credit guarantee, minimum documentation, faster approval process and integration with other scheme benefits.
“India has limited infrastructure for connecting garments to market and hence 15-20% of yield is wasted which is relatively higher than that in other countries, where it ranges between 5-15%,” he said.
He said investment in agriculture has been stagnant at less than 2% in the past five years.
“Investment in 2016-17 was Rs 2.19 lakh crore out of which private sector share was 83%, against a higher investment of Rs 2.5 lakh crore in 2013-14 and a higher share of private sector at 88%. Lack of investor confidence led to lower plowback ratio at 14% of gross value addition (GVA) in 2017-18, against other sectors which had 33% of GVA in 2017-18,” said the official.
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