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Home Economy

Micro Irrigation Fund (MIF)

October 15, 2019
in Economy
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Source: Yojana Magazine

In 2018, the Cabinet Committee on Economic Affairs chaired by the Prime Minister approved an initial Corpus of Rs.5,000 crore for setting up of a dedicated “Micro Irrigation Fund” (MIF) with NABARD under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

Key highlights

  • The allocation of Rs. 2,000 crore and Rs. 3,000 crore will be utilized 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

Benefits

  • The dedicated Micro Irrigation Fund would supplement the efforts of Per Drop More Crop Component (PDMC) of Pradhan Mantri Krishi Sinchayee Yojana in an effective and timely manner.
  • With the additional investment for micro-irrigation accessing MIF, innovative composite/ commodity/ community/ cluster based micro irrigation projects/ proposals may bring about 10 lakh ha.
  • The Fund will facilitate States to mobilize resources for their initiatives, including additional (top up subsidy) in implementation of PMKSY-PDMC to achieve the annual target of about 2 Million ha/year during the remaining period of 14thFinance Commission under Per Drop More Crop Component of PMKSY as recommended by the Group of Secretaries.

Implementation Strategy and Targets:

  • States may access MIF for innovative integrated projects, including projects in the Public-Private Partnership (PPP) mode and also for incentivizing micro irrigation through an additional (top-up) subsidy over and above the one available under PMKSY-PDMC Guidelines and for covering additional areas.
  • Farmers Producers Organization (FPO)/Cooperatives/State Level Agencies can also access the funds with State Government Guarantee or equivalent collateral. Farmers Co-operatives may access this fund for innovative cluster based Community Irrigation Projects.
  • An Advisory Committee to provide policy direction and ensure effective planning, coordination and monitoring along with a Steering Committee for examining and approving the Projects/proposals from State Governments (total cost, eligible loan amount to the State and phasing), coordination and monitoring to ensure time-bound implementation of the assisted projects/proposals within approved cost and phasing is proposed to be constituted.

 

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Tags: Prelims

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