Union Minister of Fisheries, Animal Husbandry & Dairying launched the realigned AHIDF Scheme (GS Paper 3, Economy)
Why in news?
- The Union Minister of Fisheries, Animal Husbandry & Dairying, recently launched the realigned AHIDF Scheme and released the Radio Jingle on AHIDF at New Delhi.
- The scheme has been realigned and will be implemented for another 3 years. The industry, FPO, Dairy Cooperatives should take benefit of the scheme.
Details:
- The Cabinet in its meeting on 01.02.2024 approved the realignment of the AHIDF under Infrastructure Development Fund with an outlay of ₹ 29610 crore. Now the Total Fund will be of ₹. 29610 cr. Instead of ₹. 15000cr.
- The realigned scheme will be implemented for further period of three years from 31.03.2023 till 2025-26. In the realigned scheme, Dairy Infrastructure Development Fund has been subsumed.
- Now the Dairy Cooperatives will avail benefit of interest subvention of 3% under AHIDF instead of 2.5% which was received in DIDF.
- The Dairy Cooperative will also get Credit Guarantee support under the Credit Guarantee Fund of AHIDF.
- The Scheme will help the Dairy Cooperatives to upgrade their processing infrastructure with an updated processing technology. This will benefit large number of milk producers in the country.
Under the realigned scheme, the following will be the benefit:
- Interest Subvention of 3% payable up to 8 years
- Individuals, FPO, Dairy Cooperatives, Private Companies, Section 8 companies, MSME
- Credit guarantee cover unto 25% of the term loan.
- No ceiling on the loan amount
- Loan up to 90% of the estimated/actual project cost
- Dovetailing with capital subsidy schemes of other ministries or state level schemes
About AHIDF:
- Animal Husbandry Infrastructure Development Fund (AHIDF) scheme was launched on 24th June 2020 by Prime Minister under Atmanirbhar Bharat Abhiyan Initiative.
- In the short span of three years, scheme has received commendable response from every corner of the country as we have received more than 5000 project proposals.
Reserve Bank of India, Nepal Rastra Bank sign pact for UPI-NPI linkage
(GS Paper 3, Economy)
Why in news?
- Recently, the Reserve Bank of India (RBI) and Nepal Rastra Bank entered into an agreement integrating the Unified Payments Interface (UPI) of India and the National Payments Interface (NPI) of Nepal for cross-border remittances.
Key Highlights:
- The integration of Indian and Nepalese fast payment systems is aimed at facilitating cross-border remittances between the two countries by enabling users of the two systems to make instant, low-cost fund transfers.
- As per the Terms of Reference exchanged between the two central banks, the necessary systems will be put in place for interlinking of UPI and NPI, whereas the formal launch of the linkage, i.e., the commencement of operations, will be done at a later date.
- Post-implementation, users of these applications will be able to conduct instant transactions at a lesser cost between the countries.
Way Forward:
- The collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries.
- Recently, Sri Lanka, Mauritius, and France have enabled the Indian digital payment system; UPI in these countries.
