The Karnataka Government has asked bankers in the State to boost credit flow to farmers willing to invest in high technology and protected agriculture.
The State is raising the spirits farmers to go in for hi-tech shade and protected farming with the intention that their incomes are insulated from the vagaries of monsoon.
Besides, the State has made a budgetary provision of Rs 500 crore this year to give a push for hi-tech and protected agriculture which requires higher level of investments.
Chief Secretary, Kaushik Mukherjee while addressing the 127th meeting of the State Level Bankers Committee (SLBC), stressed upon the need to boost farm productivity and turn agriculture into agri-business.
Protecting and enhancing the income level of farmers is crucial for achieving food security, he added.
GV Krishna Rau, Additional Chief Secretary and Development Commissioner, called upon the banks to be pro-active in lending for hi-tech and protected agriculture and guarantee that those investments are insured. The Government will soon come out with a policy on funding mechanism for hi-tech agriculture.
Sudhir Kumar Jain, Syndicate Bank Chairman and Managing Director said that the State has disbursed Rs 73,993 crore during 2013-14, ahead of the targeted Rs 73,362 crore under the priority sector credit.
Jain, who is also the Chairman of SLBC, said payout for agriculture sector was Rs 45,753 crore, 102.71 per cent of the target for the year.