Minister for Food and Agriculture Nazar Muhammad Gondal has expressed the hope that Benazir Agricultural Card Scheme (BACS) will help farmers to increase agricultural production. Talking to PTV, he said the scheme had been introduced to facilitate small farmers, while the card would be valid for three years.
"Interest rate on the credit will be as per the rate applicable on production loans. There will be no limit on the number of transactions through the card and require no more than one interface of the farmer with bank officials," he added.
The loan will be disbursed against every crop with a grace period of 90 days. Gondal said 20,000 tractors would also be provided to farmers on subsidised rates, adding that Rs 200,000 subsidy on purchase of a tractor would be provided to the farmers.
President Asif Ali Zardari has also directed the Ministry to import reconditioned tractors for farmers on cheaper rates. To a question, he said an increase in the official support price (Rs 950 per 40kg) had encouraged the farmers to sow wheat on million of acres and the country would be able to achieve the 25 million tons production target. He said Trading Corporation of Pakistan and Pakistan Agricultural Storage and Services Corporation had been directed to purchase rice from the farmers.
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