Daily Times

The government has provided Rs1,057 million for mark-up subsidy and a risk-sharing scheme for farm mechanization to enhance per-acre farm income in the country. The amount was disbursed among 507 borrowers by the end of the last fiscal year under Prime Minister Kissan Package, said an official in the Ministry of National Food Security and Research.

He said that under the scheme, Rs992 million was provided to about 477 farmers in Punjab Province, and 13 borrowers of Sindh were provided Rs28 million under the scheme, he said adding that an amount of Rs15 million was disbursed among six farmers of Khyber Pakhtunkhwa (KP) and Rs2,2 million was provided to 11 borrowers from Balochistan.

“Meanwhile, the government has disbursed Rs12,817 million under Prime Minister Youth Agriculture Loan Scheme in order to encourage youth towards agriculture entrepreneurship as well as promote the agriculture and livestock sector in the country.”

The official said that over 24,776 applications were approved and out of that 23,857 applications were disbursed, adding that an amount of Rs14,917 million was approved and Rs12,817 million disbursed among the applicants.

Meanwhile, he said that the government under the Kissan Package had provided Rs3,830.9 million in interest-free loans by June to landless farmers, which were badly affected due to torrential rains and flash floods last year.

By the month of June 2023 the interest-free loans were provided to about 35,405 landless farmers in order to revive the agriculture sector in flood-hit areas across the country, the official added.

“The government has introduced a multi-billion rupee Kissan Package to revive the agriculture sector and enhance the per-acre output of major and minor crops, aiming to achieve sustainable agricultural growth and economic development,” he said.

“Moreover, the government disbursed Rs12,817 million under Prime Minister Youth Business and Agriculture Scheme to 23,857 farmers, which provides financial assistance and support to young farmers in agriculture entrepreneurship,” he added.

The official further said that recognizing the importance of farm mechanization, the government had provided Rs1,056 million to 507 farmers under the markup and risk scheme, he said adding that the initiative aimed to enhance productivity and efficiency in the agriculture sector.