25-Jan-2023: AIF crosses Rs.30,000 crore mark of capital mobilisation for projects in agriculture sector
Agriculture Infrastructure Fund (AIF) crosses Rs.30,000 crore mark of capital mobilisation for projects in agriculture sector for creation of post-harvest management infrastructure and community farming assets.
Agriculture Infrastructure Fund:
- Launched in July 2020
- Aims to provide financial support for post-harvest management infrastructure and community farming assets
- Supports farmers, Agri-entrepreneurs, FPOs, SHGs, JLGs, and others
- Provides 3% interest subvention, credit guarantee support through CGTMSE scheme, and convergence with other schemes
- Managed through an online MIS platform
- National, state, and district level monitoring committees set up
Post-Harvest Management:
- Refers to activities and techniques to preserve and protect crops after harvest
- Includes cleaning, sorting, grading, packaging, storage, and transportation
- Goal is to maintain quality and safety of crops and extend shelf life
Challenges:
- Lack of convenient access to credit for small and marginal farmers
- Stubble burning contributing to air pollution
- Infrastructure bottlenecks leading to post-harvest losses
Integrating Traditional and Frontier Technologies:
- Rainwater harvesting and organic waste recycling can complement frontier technologies
- Can achieve higher productivity
Upgrading Agricultural Surplus Management:
- Infrastructure upgrade and development needed for post-harvest handling, seed, fertiliser, and agrochemical quality regulation
- Grading and standardisation of procurement centres necessary
Harvesting Rich Returns Through Market Integration:
- Need to streamline domestic markets and connect them with national and global markets
- Nodal institution needed to monitor world and domestic price movements and manage trade liberalisation effectively
30-Dec-2022: Government to launch the Digital India Innovation Fund for Catalyzing deep tech start-ups: Shri Rajeev Chandrasekhar
The Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar today said that the Government of India is going to launch a Digital India Innovation Fund that will support Deeptech Startups.
The Minister made these remarks during his address to over 1000 college students as part of the New India for Young India: Techade of Opportunities program at the Catholic Bishop House Campus, Thamarassery, Kerala.
The Minister spoke at length about how for most part of the past 75 years, India had been a dysfunctional democracy where the opportunities for growth were limited to a select few. “We had accepted this dysfunctionality as a fact and considered it as the cost of democracy."
The Minister mentioned that PM Shri Narendra Modiji’s vision of New India is one where there were ample opportunities for every Indian to participate in the development process and Hard work and skills are the only determinants of success.
Responding to a question on the issues like job opportunities in the country and migration from Kerala, the Minister added "Migration is a consequence of lack of hope. But India at the moment is going through an inflection point. The coming decade is going to be India’s Techade. There are tremendous opportunities for young Indians. You won't get these kinds of opportunities, anywhere outside India. We should always have confidence that this is our land and the action is in India.”
The Minister had lunch with Bishop Remigiose Inchananiyil & Bishop Varghese Chakkalakal and other members of KCYM Kerala Catholic Youth Movement. The Minister took to his Twitter handle and thanked Sister Celesti from the Missionary sisters of Mary Immaculate and her team for hosting lunch for the Minister at the Bishop's house.
Later, Shri Rajeev Chandrasekhar attended the Malabar Yuvajana Sangamam at Alphonsa English Higher Secondary School, Koranghad, Kerala and inaugurated the event by lightning the lamp. The Samgamam witnessed a participation of over 5000 members of Kerala Catholic Youth Movement.
Speaking at event, he said, "The government under PM Narendra Modiji is committed to working with all communities for the future of India. Every Indian must have equal opportunities to prosperity irrespective of community, caste, place or religion."
Referring to contribution by the Christian Community, the Minister said the community has contributed tremendously towards the growth and development of Kerala. They are an important stakeholder of India’s Amritkaal - the journey towards a developed Nation by 2047.
19-Dec-2022: Shri Nitin Gadkari launches first-ever ‘Surety Bond Insurance’ for infrastructure projects
Union Minister for Road Transport and Highways Shri Nitin Gadkari launched one of India’s first-ever Surety Bond Insurance product from Bajaj Allianz.
Commenting on the product launch, Shri Gadkari said “India is well on its path to becoming a $ 5 Trillion economy and achieving the dream of our honourable Prime Minister, Shri Narendra Modi Ji; insurance will play an important role in this growth. To realize Modi Ji’s dream, it is important that infrastructure projects are executed at a faster speed; infrastructure, and notably roads, are vital to the economic and social growth of our country. With this new instrument of Surety Bonds, the availability of both liquidity and capacity will definitely be boosted; such products stand to strengthen the sector. We are confident that expanding our road network will lead to more prosperity, increased employment opportunities, and increased social connectivity. Surety Bond Insurance is the right step in this direction, I am glad to see that Bajaj Allianz General Insurance has taken the great initiative by launching this important product.”
Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal. The product will cater to the requirements of a diversified group of contractors, many of whom are operating in today’s increasingly volatile environment. The Surety Bond Insurance is a risk transfer tool for the Principal and shields the Principal from the losses that may arise in case the contractor fails to perform their contractual obligation. The product gives the principal a contract of guarantee that contractual terms and other business deals will be concluded in accordance with the mutually agreed terms. In case the contractor doesn’t fulfil the contractual terms, the Principal can raise a claim on the surety bond and recover the losses they have incurred. Unlike a bank guarantee, the Surety Bond Insurance does not require large collateral from the contractor thus freeing up significant funds for the contractor, which they can utilize for the growth of the business. The product will also help in reducing the contractors’ debts to a large extent thus addressing their financial worries. The product will facilitate the growth of upcoming infrastructure projects in the country.