Bank conceives a loan component for vermicomposting
NAGAPATTINAM: The Indian Overseas Bank has conceived a loan component for vermicomposting to provide for sustainable agriculture at the tail-end areas.
The scheme envisages a loan component of upto Rs.5 lakh towards project cost.
The loan facility is an extension of the provisions under the Prime Minister’s Employment Generation Programme towards vermicomposting. Under the PMEGP, a subsidy component of 35 percent for women and 25 percent for men would be provided for vermicompost production.
The Khadi Village Industries Commission (KVIC), which is the national-level implementing agency under PMEGP, would provide the subsidy component.
The project mandates promoter’s contribution of 5 percent in the case of women and rural beneficiaries and 10 percent in the case of others.
The loan component would be provided by the Lead Bank, Indian Overseas Bank. Krishi Vigyan Kendra, Sikkal has proposed to offer training for people interested in availing the facility.
Progressive farmers, and those practicing organic farming, Self Help Groups could avail the loan facility. The project, conceived by the Lead Bank, IOB, Nagapattinam, would be organised as a joint endeavour by Department of Agriculture, District Industries Centre and Krishi Vigyan Kendra under the leadership of the Collector.
Agricultural productivity at the tail-end is afflicted by number of factors such as low soil fertility, low organic content, poor drainage, high salinity, leaving an impact on rice productivity.
The yield potential of paddy at the tail-end is 3 tonne per hectare as against the State average of 4 tonne per hectare in other areas.
Of the 1,38,945 hectares of agricultural area under cultivation, over 50,000 hectares are rendered fallow for want of soil nutrition. vermicomposting as a nutrient source for organic farming would remedy poor soil quality and aid higher yield.
The objective is to promote organic farming technology intensively towards sustainable rice production.