Cabinet approves interest subvention of 1.5 per cent per annum on Short Term Agriculture Loan upto Rs 3 lakh

August 17, 2022: Cabinet has approved  interest subvention of 1.5 percent on Short Term Agriculture Loan upto three lakh rupees. Briefing media after the Cabinet meeting in New Delhi this afternoon,  Information and Broadcasting Minister Anurag Thakur said the decision has been taken to ensure adequate credit flow in agriculture sector.

He said the interest subvention of 1.5 percent will be provided to lending institutions by the government. This increase in Interest Subvention support requires additional budgetary provisions of 34 thousand 856 crore rupees for the period of 2022-23 to 2024-25 under the scheme.

Government also approved enhancement of limit of Emergency Credit Line Guarantee Scheme by 50 thousand crore rupees for Travel, Tourism and Hospitality sector. Hospitality and related sectors will get a boost from this decision.The increase has been done due to the severe disruptions caused by COVID pandemic on hospitality and related enterprises.

The Minister said Cabinet also approved providing the access of the Traditional Knowledge Digital Library database to users including patent applicants and researcher. The opening up of the Library database to users is an ambitious and forward-looking action by the Government.  This will be a new dawn for Indian traditional knowledge, as the Library will drive research and development, and innovation based on India’s valued heritage across diverse fields. Its opening is also envisaged to inculcate thought and knowledge leadership through Bharatiya Jnana Parampara, under the New Education Policy 2020.

Cabinet was apprised of the signing of contract between the Organisation for Economic Cooperation and Development, France on behalf of the International Transport Forum and the Technology Information, Forecasting and Assessment Council, India. The contract has been made to support the International Transport Forum activities on the Indian Transport Sector. It was signed on 6th of July this year.

- Newsonair

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