narendra modi cabinet approves cheap loan for farmers,5% interest will also be back

    The Narendra Modi government of the center has approved the proposal to increase the time for cheap loans to the farmers. In the meeting of the Union Cabinet on Wednesday, the scheme of interest refund for farmers was also approved to continue. Under this scheme, the government will give them back 5% of the interest paid to the farmers.

    The scheme related to farm credit ended on March 31, 2017, although the government has now decided to continue it this year too. According to the proposal passed from the cabinet, this facility will be for 1 year crop loan and the maximum limit for the loan is Rs. 3 lakhs.

    Under this new scheme, the government will spend about Rs.19000 crore and in this, the loan received on 9% interest to the farmers will now get 4% interest.

    Explain that in recent days farmers have been raising the demand for loan apology in many states of the country. During this period, farmers’ movement in Madhya Pradesh and Maharashtra was also done. Police had to firing on the agitation in Madhya Pradesh, in which 6 farmers died. Due to this, 9 districts of the state remained vulnerable for many days.

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