Global Economy

Rs 700 crore ADB-funded project approved by government to help farmers in Maharashtra

PUNE: Mahrashtra has approved an ADB-funded Rs 1,000 crore project for boosting fruit and vegetable production in the state. The Maharashtra Agribusiness Network (MagNet) project, which has been approved, aims to help farmers across all districts in the state for the next six years.

“This will give boost to fruits and vegetables production and benefit to farmers in the Maharashtra. In view of growing demand of fruits and vegetables in coming years in the state and considering losses of fruits and vegetables at different stages, the MagNet project incentives will be given to small and marginal farmers,” the Maharashtra State Agricultural Produce Marketing Committee said in a statement.

The project is worth $142.9 million, or about Rs 1,000 crore, of which 70% would be lent by Asian Development Bank and the balance will come from state government.

The state government has authorised bureaucrats to finalise the repayment period of the loan during negotiations for the loan.


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