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It was established in 1994, to solve exclusion problem of small and marginal farmers in India from modern agriculture due to resource constraints. [5] SFAC founded to bridge the gap, offering better income prospects by connecting these farmers with agribusinesses. [6]
In the case of horticultural and commercial crops, actuarial rates are charged. Small and marginal farmers are entitled to a subsidy of 50 percent of the premium charged- the subsidy is shared equally between the Government of India and the States. The subsidy is to be phased out over a period of 5 years. NAIS operates on the basis of Area approach
The scheme offers a financial help of ₹10,000 per year to each farmer (two crops). There is no cap on the number of acres, and most of the farmers are small and marginal. The total farming land is 1.43 crore acres and the number of farmers in the state stood at 58.33 lakh. Around 55% of population in Telangana make a living from agriculture.
Nevertheless, it also found that the agricultural has a receding proportion in the GDP. There are approximately 91% of the population in the 13 selected villages in India works associated with farming, among these, over 86% are the small and marginal farmers who have an achievement of cultivating 75% of the total arable land. [12]
On 24 February 2019, Narendra Modi launched the scheme in Gorakhpur, Uttar Pradesh, by transferring the first instalment of ₹2,000 each to over one crore farmers. [12] [13] Ministry of Agriculture and Farmers Welfare has awarded the top-performing states, and districts under PM Kisan Samman Nidhi Yojana. [14]
Small finance banks (SFB) are a type of niche banks in India.Banks with a SFB license can provide basic banking service of acceptance of deposits and lending.The aim behind these is to provide financial inclusion to sections of the economy not being served by other banks, such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
A smallholding or smallholder is a small farm operating under a small-scale agriculture model. [2] Definitions vary widely for what constitutes a smallholder or small-scale farm, including factors such as size, food production technique or technology, involvement of family in labor and economic impact. [ 3 ]
Priority sector lending is lending to those sectors of the economy which may not otherwise receive timely and adequate credit. This role is assigned by the Reserve Bank of India to the banks for providing a specified portion of the bank lending to few specific sectors like agriculture and allied activities, micro- and small enterprises, education, housing for the poor, and other low-income ...