In a bid to boost farming in the state, the Bihar government has announced a significant initiative to provide interest-free short-term agricultural loans to farmers. This move comes ahead of the Chhath festival, showcasing the government’s commitment to agricultural development in the region.
Cooperative Efforts for Agricultural Prosperity
Bihar’s coalition government has not only taken steps to facilitate business efficiency with cooperative societies but also initiated several incentives for farmers. The continuous success of our cooperative banks, serving as the primary unit in the three-tier loan structure, ensures the effective implementation of purchasing and other cooperative schemes benefiting farmers and stakeholders.
Insights from the Chief Secretary
During the 70th All India Cooperative Week 2023, Bihar’s Cooperative Minister Surendra Yadav highlighted the vital role played by small and marginal farmers in the overall development of the state. He revealed that under the new scheme, farmers in the state would soon have access to short-term agricultural loans at zero percent interest rates.
Fulfilling Financial Needs
Deepak Kumar Singh, the Additional Chief Secretary of Bihar’s Cooperative Department, shared details on the government’s efforts to prioritize the well-being of stakeholders involved in the cooperative sector, including farmers. The department is currently working on making interest-free short-term agricultural loans available to farmers. The state’s farmers will soon benefit from these loans at a zero percent interest rate, addressing post-harvest expenses and financial requirements related to agriculture and allied activities.
Singh emphasized the importance of strengthening the cooperative movement for collective development in the state, underlining the need to enhance the cooperative struggle for overall progress.
