The Indian government offered on Wednesday a credit line that is meant to support million of farmers
The Indian government offered a credit line on Wednesday in order to support millions of farmers who have been left short of cash to buy seeds and fertilizer for their winter crops after its decision to cancel 500 and 1,000 rupee bank notes.
The Indian government offered on Wednesday a credit line that is meant to support million of farmers.
The Indian Prime Minister Narendra Modi declared that India will abrogate the bank notes as legal tender. These kind of bank notes accounted almost 86% of the cash in circulation in India.
The news was announced on 8 of November, and it came as a shock to all the farmers that were previously able to purchase seeds with old 500 and 1,000 rupee banknotes from state-run outlets.
This decision was made in order to keep the shadow economy under strict rules, but India's cash economy reached a deadlock. To fix this situation, the Indian government announces that it will offer a credit line especially designed for farmers.
The Indian government also announced new measures to boost the digital transactions. The National Bank of Agriculture and Rural Development in India promised that it will provide 3.07 billion dollars in farm credit to help the sowing of wheat and so on.
Shaktikanta Das, economic affairs secretary, declared that "This measure will ensure a smooth flow of credit to farmers" . She also added that more than 40% of marginal and small farmers get their credit from cooperative banks.
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