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The National Bank for Agriculture and Rural Development (Nabard) has so far sanctioned loans worth Rs 35,322 crore under Long Term Irrigation Fund (LTIF).
LTIF, announced in Budget 2016-17, was set up with an initial corpus of Rs 20,000 crore.
Nabard has said in a statement that the Finance Minister Arun Jaitely noted that while in the last six decades the cumulative area brought under irrigation was only 65 million hectare, under this initiative, additional 11.7% area would be brought under irrigation in a short span of four years.
He has said that “This is one of the major interventions to ensure doubling of farmers’ income by 2022 under the ambitious Pradhan Mantri Krishi Sinchayee Yojana (PMKSY).”
