The Union Cabinet has approved raising extra budgetary resources up to 9,020 crore rupees for Long Term Irrigation Fund in 2017-18 under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY). According to Finance Minister Arun Jaitley, the amount will be raised by NABARD through Bonds.
The Fund seeks to make loans from NABARD attractive for states by ensuring lending rate of 6 per cent per annum. The loans are for implementation of Accelerated Irrigation Benefits Programme works of 99 ongoing prioritised irrigation projects under Pradhan Mantri Krishi Sinchayee Yojana.
Important Takeaways From Above News-
- PMKSY was launched on 1st July 2015.
Source- AIR World Service