CURRENT AFFAIRS

Detailed explanation-1: -The Hon’ble Union Finance Minister, during his Budget Speech 2016-17, has announced creation of a dedicated Long Term Irrigation Fund (LTIF) in NABARD with an initial corpus of ‘20, 000 crore for funding and fast tracking the implementation of incomplete major and medium irrigation projects.

Detailed explanation-2: -Micro Irrigation Fund will help to disperse Rs. 5000 crore among states for promoting micro irrigation. States can avail the fund in form of loan from NABARD (National Bank for Agriculture and Rural Development) at 3% below the cost of funds and the 3% being compensated by central government.

Detailed explanation-3: -Micro Irrigation Fund has been set up under NABARD with a corpus of Rs. 5000 crore to achieve the target of ‘per drop more crop’. Micro Irrigation Fund (MIF) comes under the nodal ministry of Agriculture and Farmers Welfare (MoA&FW), Government of India.

Detailed explanation-4: -5000 crore was operationalized in NABARD from 2019-20. Ministry of Agriculture and Farmers Welfare (MoA&FW), Government of India is the Nodal Ministry. The objective of the fund is to facilitate State Govts.

Detailed explanation-5: -Micro Irrigation Fund was set up in order to achieve the goal of ‘per drop more crop’. The fund has been set up under NABARD, which will provide this amount to states on concessional rate of interest in order to promote micro-irrigation.