News and Press Release - Dated:- 16-5-2018 - The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi today has approved an initial Corpus of ₹ 5,000 crore for setting up of a dedicated Micro Irrigation Fund (MIF) with NABARD under Pradhan MantriKrishiSinchayeeYojana (PMKSY). Details: The allocation of ₹ 2,000 crore and ₹ 3,000 crore will be utilised during 2018-19 and 2019-20 respectively. NABARD will extend the loan to State Governments during this period. Borrowings from NABARD shall be paid back in 7 years including the grace period of two years. The lending rate under MIF has been proposed at 3% lower than the cost of raising the fund by NABARD. This cost shall be met from the ongoing scheme of PMKSY-PDMC by amending the existing guidelines The total financial implication on interest subvention comes to about ₹ 750 crore. Benefits: The dedicated Micro Irrigation Fund would supplement the efforts of Per Drop More Crop Comp

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