Maharashtra plans reduction of agri loan interest rate

MUMBAI, MAY 20:  

The Chief Minister of Maharashtra Devendra Fadnavis on Wednesday said that in view of the agriculture distress in the State, the government is considering a reduction in the interest rate from 12 per cent to 6 per cent for crops loans.

Fadnavis said the government is also mulling increasing the loan repayment period from three to five years. After a loan is availed, there would be a one-year moratorium on the collection of principal and interest by the banks.

He said for the development of cotton growing district of Amravati and Yavatmal, his government is also concentrating its attention on developing the local textile industry. Incentives for setting up textile units have already been provided and eight large units have been set up in the districts.

Amravati and Yavatmal districts have seen the highest number of farmer suicides in the State.

Fadnavis said the State Cabinet has also decided to amend the Factories Act of 1948, which will provide for over-time duty for industrial workers. The workers will not be required to take prior permission from the management for working over-time. The cap on over-time hours in a fiscal has also been increased from 75 days to 115 days, he said.

Source: TheHindu Businessline