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Investment in irrigation projects essential to double farmers income by 2022: FM

By TIOL News Service

NEW DELHI, OCT 22, 2016: THE Union Finance and Corporate Affairs Minister Mr Arun Jaitley said that investment in irrigation projects essential to double the farmers income by 2022. He said that loan of Rs 19,702 crore to National Water Development Agency (NWDA) for irrigation projects by NABARD, is a part of the vision of the Prime Minister Mr Narendra Modi to double the farmers' income by 2022. Mr Jaitley said that providing assured irrigation to farmers is one of the important prerequisites to achieve that target. The Finance Minister said that this loan would be part of the Central share of assistance to State Governments and will ensure front loading of resources so that the identified incomplete irrigation projects under Pradhan Mandtri Krishi Sinchai Yojna (PMKSY) are executed in time. He further said that this unique initiative would help complete not only the irrigation projects but also the Command Area Development works which are central to ensure full utilisation of irrigation potential so created. He highlighted that the initiative would bring additional 76 lakh hectare area under irrigation and to a great extent, mitigate water scarcity, dependence on rain and drought situations in project areas. He appreciated the initiatives of the Ministry of Water Resources, River Development & Ganga Rejuvenation and National Bank for Agriculture and Rural Development (NABARD). He said that the Ministry of Finance is committed to support such endeavours. He advised the agencies to undertake very close monitoring of the progress of work to ensure timely completion of all the projects.

Speaking on the occasion, the Minister of Water Resources, River Development and Ganga Rejuvenation Ms Uma Bharati, said that her Ministry is committed to ensure that the project works are completed by the State Governments as per schedule and exhorted them to complete the required formalities in time. She shared the vision of the Prime Minister to ensure ‘Har Khet ko Paani' and “Per drop more crop” which the Ministry is trying to translate into reality. She emphasised that the irrigation potential would be enhanced through participation of farmers. She also highlighted a strong monitoring mechanism put in place to ensure that the money is effectively and optimally utilised.

Earlier, NABARD has set-up a Long Term Irrigation Fund (LTIF) as a sequel to the path breaking initiative announced by the Mr Jaitley in this regard in his Budget Speech 2016-17. NABARD has sanctioned a loan of Rs. 19,702 crore to National Water Development Agency (NWDA), the agency of the Union Ministry of Water Resources, RD & GR, towards Central Government share in 50 identified irrigation projects from 11 States. This would help create additional irrigation potential of 39.14 lakh hectares under these projects in 11 States. Loan released by NABARD to NWDA would be disbursed to the respective State Governments as Central Share in the projects sanctioned.

NABARD handed over the sanction letter of loan amounting to Rs 19,702 crore and a cheque for Rs 1,500 crore towards the First Instalment of loan disbursement to NWDA in the presence of the Mr Jaitley and Ms Uma Bharati, at a function organised by NABARD in North Block, in national capital yesterday to mark operationalisation of the LTIF. The event was attended among others by the Senior officials of various Ministries of the Government of India and NABARD.

Dr Harsh Kumar Bhanwala, Chairman, NABARD said that besides supporting the central share component, NABARD would also be extending 15 year loan support to the willing State Governments at reasonable rate of interest to meet their share in the identified irrigation projects. The total fund requirement is expected to be of the order of Rs 78, 535 crore in the next four years up to 2020, with the shares of the Central And State Governments at Rs 31,342 crore and Rs 46,253 crore, respectively. He said that through LTIF the irrigation potential in the country was expected to go up by 11.50 % in the next four years.


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