Finance Minister Nirmala Sitharaman has announced an increase in the Kisan Credit Card (KCC) loan limit from ₹3 lakh to ₹5 lakh, aiming to provide better financial access to 7.7 crore farmers, fishers, and dairy producers.
The 1998-launched KCC scheme grants short-term farm loans at about 4% interest, and farmers can access cheap credit and become economically independent through it. Under the new scheme, loans of up to ₹2 lakh will no longer have any security, and farmers can access funding with ease.
Also, the government is striving to become urea-independent through revamping of the KCC scheme and increased domestic production. Namrup in Assam will have a new unit for producing urea, and three shut down east zone factories for producing urea will be re-established, and annual production will increase by 12.7 lakh metric tonnes.
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Source: Livemint
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