NEW DELHI: Union home and cooperation minister Amit Shah on Saturday urged Agricultural and Rural Development Banks (ARDBs) to extend more long-term loans to the farm sector, including for irrigation projects and other infrastructure, so that PM Narendra Modi’s vision of doubling farmers’ income is fulfilled.
He also emphasised on the role of cooperatives in this and expressed the need to have a “unified database” on the sector, underlining that it is the cooperative sector that can make 70 crore poor of the country a partner in the process of inclusive development.
“ARDBs should not only work for banking, but it should also be their goal to supplement/reimburse, the purpose for which banks were created. . . Do not limit yourselves to banking, it is also the responsibility of ARDBs to communicate with farmers in villages and make them aware of how to expand agriculture, increase yield, make agriculture comfortable and make the farmer prosperous,” said Shah.
He said the objectives of NABARD can be fulfilled only when every single penny with them is utilised for finance and refinance in rural development and agriculture, and this cannot be possible “unless we promote long-term finance, infrastructure and micro irrigation within the agriculture sector”. He added,
“Diverting surplus funds towards non-agricultural use does not serve the purpose."
The minister announced setting up a “multi-state cooperative export house” for export and said itwould be established before August15.
Source: TOI