Recently, the Ministry of Agriculture & Farmers Welfare introduced a new campaign for banks under the Agriculture Infrastructure Fund called BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation).
Introducing the BHARAT Campaign
The BHARAT Campaign is a one-month-long initiative with a target of Rs 7200 crore. Its primary objective is to actively engage and garner support from commercial banks in the public and private sectors, regional rural banks, small finance banks, non-banking financial companies (NBFCs), and select cooperative banks to promote the Agriculture Infrastructure Fund scheme.
Components of the BHARAT Campaign
The BHARAT Campaign focuses on several key components to accelerate rural and agriculture transformation in India:
- Strengthening Agricultural Infrastructure: This involves improving irrigation facilities, enhancing storage and cold chain infrastructure, and developing rural roads. These measures aim to enhance the overall infrastructure that supports agricultural activities.
- Expansion of Agriculture Insurance Schemes: The campaign seeks to increase the coverage of agriculture insurance schemes to provide risk mitigation for farmers. This step is crucial in protecting farmers from potential losses due to unforeseen circumstances such as natural disasters or crop failures.
- Adoption of Climate-Resilient and Resource-Efficient Technologies: Promoting the adoption of technologies that are climate-resilient and resource-efficient in agriculture is another key aspect of the campaign. These technologies can help farmers optimize resource usage, increase productivity, and reduce the environmental impact of farming practices.
- Implementation of Innovative Agricultural Practices: The BHARAT Campaign encourages the implementation of innovative agricultural practices such as organic farming, precision agriculture, and agroforestry. These practices offer sustainable and efficient methods of cultivation while promoting soil health and biodiversity conservation.
- Access to Credit and Financial Services: Enhancing access to credit and financial services for small and marginal farmers is a critical component of the campaign. It aims to ensure that farmers have easy access to affordable credit, enabling them to invest in agricultural activities, infrastructure development, and farm inputs.
- Market Linkages and Marketing Infrastructure: The campaign focuses on improving market linkages and creating robust marketing infrastructure for agricultural produce. This includes establishing efficient supply chains, market integration, and creating platforms for farmers to directly connect with buyers.
Implementation and Collaborations
The BHARAT Campaign is implemented by various government ministries, departments, and agencies, including the Ministry of Agriculture and Farmers Welfare, Ministry of Rural Development, and Ministry of Food Processing Industries. Collaboration with state governments, agricultural research institutions, non-governmental organizations (NGOs), and international agencies is crucial for the effective implementation and scaling up of the campaign. These collaborations ensure the alignment of resources, expertise, and knowledge to achieve the desired outcomes.
About the Agriculture Infrastructure Fund
The Agriculture Infrastructure Fund is a Central Sector Scheme launched in 2020. The fund aims to provide medium to long term debt financing for viable projects related to post-harvest management infrastructure and community farm assets. It offers interest subvention and financial assistance to eligible applicants. The scheme will be active for a total of 10 years, from FY2020 to FY2032, to support the development of robust agricultural infrastructure across the country.
