The government is likely to announce in the upcoming interim Budget a substantial increase in the agricultural credit target to Rs 22-25 lakh crore for the next fiscal and ensure every eligible farmer has access to institutional credit, according to sources. The government's agri-credit target is Rs 20 lakh crore for the current fiscal. Currently, the government provides interest subvention of two per cent on short term agri-loans of up to Rs 3 lakh for all financial institutions. This means farmers are getting a farm loan of up to Rs 3 lakh at a concessional rate of 7 per cent per annum. An additional interest subvention of 3 per cent per annum is also being provided to farmers who repay on time. Farmers can also avail long term loans but interest rate is as per the market rate. For the 2024-25 fiscal, there could be a sharp increase in the agri-credit target to Rs 22-25 lakh crore, sources said. According to the sources, there is more focus on agri-credit and the government is . Read The Rest at :