Agriculture Flourishes with Growth of Financing Options for Farmers
Farming has been the key occupation of Indians since, it has been the backbone of the country. The majority of the country’s annual income used to come from Agricultural sector. Even today, the GDP of the country still gets influenced by agricultural output.
In the past few years, this sector has experienced a massive change. Prior to the ‘Green Revolution’, the agricultural produce of the country was meagre. Moreover, the land was severely affected by frequent droughts, thus leading to a strong need to import food grains to meet the demands of the huge population.
It is been a decade since which India has started exporting food grains. Currently, it is one of the largest producers of staple food grains like wheat and rice. This growth has been possible due to advancement in agriculture and technology. Moreover, the agriculture produce has increased substantially because farmers can now avail this technology easily through financing options made available by different banks and NBFCs.
Apart from financing options, regulated water distribution system, and active involvement of government in agriculture has increased the agricultural output. The government now has now established a dedicated research centre for providing fast growing seeds, fertilizers and pesticides for the crops. Instead of following the traditional Kharif and Rabbi crop sowing patterns, farmers can now engage in different perennial farming. For buying equipment, seed, fertilizers, pesticides, and other farming accessories, banks and financing bodies have made different loan options available.
Apart from the seeds, companies such as Mahindra have launched a numbers of tractors and commercial farming equipment in India. These include a range of tractors and other tools that make farming easy and simple. These tractors are available to farmers on versatile finance options. Farmers do not have to keep their lands as collateral to avail such loans. With flexible loan tenures, reasonable interest rates, and easy repayment options, the growth of agriculture has flourished in India.