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Union Cabinet approves interest subvention of 1.5% per annum on Short Term Agriculture Loan upto Rs 3 lakh

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The Union Cabinet on Wednesday approved interest subvention of 1.5 per cent on Short Term Agriculture Loan upto three lakh rupees. Briefing media after the Cabinet meeting in New Delhi, Information and Broadcasting Minister Anurag Thakur said the decision has been taken to ensure adequate credit flow in the agriculture sector.

He said, the interest subvention of 1.5 per cent will be provided to lending institutions by the Government. This increase in Interest Subvention support requires additional budgetary provisions of 34 thousand 856 crore rupees for the period of 2022-23 to 2024-25 under the scheme.

The Government also approved enhancement of limit of Emergency Credit Line Guarantee Scheme by 50 thousand crore rupees for Travel, Tourism and Hospitality sector.

The Minister said, the Cabinet also approved providing the access of the Traditional Knowledge Digital Library database to users including patent applicants and researchers.

The Cabinet was apprised of the signing of contract between the Organisation for Economic Cooperation and Development, France on behalf of the International Transport Forum and the Technology Information, Forecasting and Assessment Council, India.

The contract has been made to support the International Transport Forum activities on the Indian Transport Sector. It was signed on the 6th of July this year.

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