Indian agriculture scheme
The Department of Agriculture and Farmers Welfare organized a workshop on June 27, 2024, in New Delhi, focusing on innovative agricultural value chain financing in India. Senior officials from both the central and state governments, along with experts and stakeholders in agricultural financing, gathered to discuss various activities related to agricultural value chain financing.
Consideration of Financial Instruments:
Secretary of the Department of Agriculture and Farmers Welfare, Shri Manoj Ahuja, emphasized the need to develop agricultural value chains more holistically and integrate them with global markets. He highlighted the importance of shifting focus from merely addressing supply shortages to meeting market demands. Shri Ahuja also stressed the introduction of financial instruments to enhance repayment capacity and economic stability.
Access to Credit and Financial Products for Farmers:
Secretary of the Department of Financial Services, Dr. Vivek Joshi, noted the significant increase in agricultural loan availability and underscored the crucial role of digital financial services in providing timely credit through agricultural value chain financing (AVCF). He emphasized the importance of ensuring seamless and affordable access to credit for farmers within the value chain. Dr. Joshi highlighted the significant contributions of NBFCs, fintech companies, and startups in providing access to financial products.
Awareness and Empowerment Efforts Through Workshops:
The workshop saw robust participation from academia, industry, financing agencies, facilitation agencies, and various government departments. This collaborative platform aimed to foster partnerships and drive transformative initiatives within India’s agricultural sector. Distinguished speakers included Professor Ashok Gulati from the Indian Council of Agricultural Research (ICAR), who provided valuable insights. Additionally, Shri Ritesh Chauhan, CEO of Insurance and PMFBY, emphasized strengthening financial resilience in agriculture through the Pradhan Mantri Fasal Bima Yojana.
