New Central Sector Scheme – FPO: Current Affairs Series for SBI & IBPS Interviews 2021

Team Adda247 and BankersAadda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  In this series, candidates will be introduced to current affairs topics on daily basis, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs Topic is New Central Sector Scheme- Farmer Produce Organization.

New Central Sector Scheme – Farmer Produce Organization (FPOs)

The Government has launched a new central sector Scheme ‘Formation and Promotion of 10,000 Farmer Produce Organizations (FPOs)’. FPO is a generic name, which means farmer- producers’ organization incorporated/ registered either under Companies Act or Co-operative Societies Act of the concerned states. 

The Agriculture Ministry said FPOs will be provided financial assistance up to Rs.18 lakh per FPO for a period of three years. In addition to this, provision has been made to match equity grant up to Rs.2000 per farmer member of FPO with a limit of 15 lakh rupees per Farmer Produce Organization and a credit guarantee facility up to Rs.2 crore of project loan per FPO from eligible lending institutions to ensure institutional credit accessibility to FPOs. 

The Government has committed to a budgetary provision of Rs 6,865 crore in this regard. The Ministry said that FPOs are to be developed to produce clusters, wherein agricultural and horticultural products are grown for leveraging economies of scale and improving market access for members. The Ministry said the formation and promotion of FPOs is the first step to convert Krishi into Atma Nirbhar Krishi. It will also improve the rural economy and create job opportunities for rural youths in villages itself and this was the major step towards improving farmers’ income substantially.

In order to form and promote FPOs in a uniform, structured and effective manner, initially, three agencies are responsible for implementation namely, SFAC(Small Farmers’ Agribusiness Consortium), NCDC (National Cooperative Development Corporation), NABARD (National Bank for Agriculture and Development). 

Minister of Agriculture: Narendra Singh Tomar 

Constituency – Morena, Madhya Pradesh

Stay connected with us for this  Current Affairs Special Series if you are an achiever who is now appearing for an interview of IBPS or SBI.