Centre approves massive food storage scheme; to cost ₹1 lakh crore

The union cabinet has given its approval for the world's biggest food grain storage scheme in the cooperative sector. An allocation of ₹1 lakh crore will be made for this scheme.

A godown with a 2000-ton capacity will be built in each block as part of this plan. For this, an inter-ministerial committee will be established.

This is a part of a plan to expand the nation's food grain storage facilities and to boost the cooperatives sector, said Union Minister Anurag Thakur.

The plan intends to increase India's cooperative sector food grain storage capacity by 700 lakh tonnes. About 1,450 lakh tonnes of grain may now be stored throughout the nation.

The storage space will increase to 2,150 lakh tonnes over the following five years.

According to Thakur, the initiative aims to lessen food grain deterioration from lack of storage, assist in preventing farmer distress sales, lessen reliance on imports, and generate employment possibilities in rural India.

The new initiative will benefit agricultural societies, farmers, and consumers alike. In addition to storing their produce in the facilities, the farmers will have access to loans from these societies with interest rates as low as 70%.