In a move aimed at revitalising Goa’s agricultural landscape, the State government has rolled out a revised interest subsidy on loans for agriculture and allied activities, offering concessional credit to farmers who repay on time.
The scheme, effective immediately, is being hailed in government circles as a lifeline for small farmers and young entrepreneurs foraying into agriculture to earn livelihoods.
Under the scheme, loans up to Rs 5 lakh sanctioned by nationalised banks, scheduled commercial banks, the Goa State Co-operative Bank, and primary agricultural co-operatives will be eligible for the interest subsidy.
Farmers will have to pay a concessional interest rate of just 4 percent and the government will bear the burden of any interest charged by the lender above this ceiling.
Officials said the scheme is designed to accelerate investment in agriculture, horticulture, animal husbandry, and fisheries --all sectors which are vital to Goa’s rural economy but have often struggled to make a mark.
“This initiative is particularly significant for small farmers who operate on limited capital. By capping the loan amount at Rs 5 lakh, the scheme ensures that benefits reach those who need them most,” said a senior agriculture department official.
There is a caveat though. Only borrowing farmers who maintain regular repayment schedules, will be eligible. If they default, banks will recover dues as per their procedures and refund the subsidy component to the government.
However, farmers who later regularise their loans will regain eligibility, though penal interest will not be covered.
The scope of the scheme is wide-ranging -- crop loans, land development, irrigation infrastructure, purchase of machinery, and even modern ventures such as poly houses, mushroom cultivation, and fruit processing units are covered.
Animal husbandry projects -- from dairy and poultry to piggery and goat rearing -- as well as fisheries activities like aquaculture farms, mussel farming, and vessel modernisation also qualify.
For Goa’s youth, the scheme opens doors to entrepreneurial opportunities in agriculture and allied sectors. With rising interest in sustainable farming and agri-startups, these concessional loans could encourage young Goans to view agriculture not as a fallback but as a viable career, the official said.
“Access to affordable credit is often the biggest hurdle for first-generation farmers. This scheme could change it,” said a representative of the Goa State Co-operative Milk Producers’ Union.
The programme will remain operative for three years initially, with a State Level Monitoring Committee overseeing its implementation with quarterly reviews and field visits.
Kharif crop-loss claims assessment by today
PANAJI: Agriculture Director, Sandeep Fol Desai on Wednesday said officials are engaged with the assessment of the nearly 8,000 claims from farmers for compensation on account of the losses caused to ready-to-harvest paddy crops due to the unseasonal rains post the withdrawal of monsoon.
"The assessment of all claims will be completed by Thursday," Fol Desai said, adding that it will then be forwarded to the government for administrative and financial sanctions.
Chief Minister Pramod Sawant had earlier this week announced that the government will complete paying compensation, which the government said will be up to Rs 40,000 per hectare, by December 31.
