Punjab's New Loan Scheme Boosts Sustainable Farming Practices

Punjab Chief Minister Bhagwant Mann announced a new loan scheme from state cooperative banks aimed at assisting farmers in purchasing machinery for crop residue management. With 80% subsidy on equipment through cooperative societies and 50% for individual farmers, the scheme targets reducing paddy straw burning.

In a significant initiative to promote sustainable agriculture, Punjab Chief Minister Bhagwant Mann has introduced a loan scheme facilitating farmers' access to machinery for crop residue management. The scheme, launched by state cooperative banks, is designed to combat paddy straw burning by easing the acquisition of necessary equipment.

Mann disclosed the scheme's availability across state cooperative banks, including 802 district branches and in Chandigarh, urging farmers to reap the benefits. By offering robust financial support, the government aims to make rural credit more accessible for sustainable practices.

Under this initiative, cooperative societies can avail up to 80% subsidy on agricultural equipment procurement. Individual farmers are eligible for a 50% subsidy on tools for residue management such as balers and superseeders, with hopes to foster eco-friendly farming methods.

(With inputs from agencies.)