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Source: The post is based on the article “Convergence module between Agriculture Infrastructure Fund Scheme, Prime Minister’s Micro Food Enterprises Upgradation Scheme and PM Kisan Sampada Yojana launched” published in PIB on 21st September 2022.
What is the News?
The Government of India has launched a joint convergence portal for different schemes run by Food Processing and Agriculture ministries.
For which schemes, a convergence portal has been launched?
Ministry of Agriculture and Ministry of Food Processing Industries has jointly launched a convergence portal between Agriculture Infrastructure Fund (AIF), Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) scheme and Pradhan Mantri Kisan Sampada Yojana(PMKSY).
How will this convergence of schemes help?
The Ministry of Agriculture & Farmers Welfare is implementing the Agriculture Infrastructure Fund (AIF).
It is a medium to long-term debt financing facility launched for the creation of post-harvest management infrastructure and the building of community farming assets.
Benefits under the scheme include 3% interest subvention and credit guarantee support.
AIF scheme has the facility of convergence with any other scheme of State or Central Government.
Therefore, with the convergence of the AIF scheme with the PMFME and PMKSY schemes, eligible beneficiaries availing of credit-linked subsidy under these schemes would be able to avail of an additional benefit of Interest Subvention at 3% on the interest rate being charged by the banks over and above the 35% of subsidy being provided under the PMFME Scheme.