The economy of Bangladesh is especially hooked on agriculture. However, during this agriculturally dependent economy, farmers suffer financially. The farmer cannot produce for lack of cash. As a result, he has got to take a loan. The loan taken by the farmer to extend the agricultural production is named agricultural loan. Agriculture, like other manufacturing sectors, requires tons of cash to manage production. Agricultural mining is required thanks to the poverty and scarcity of capital of the farmers. Agricultural credit is a crucial means of accelerating investment in agriculture.
Bangladesh may be a major agricultural country. Most of the people during this country are hooked into agriculture. There are many poor farmers who cannot grow crops thanks to a lack of cash. The loan given to them for agricultural work is named agricultural loan.
An agricultural loan may be a loan taken for any work associated with agriculture.
What is the agricultural economy?
Agricultural economics may be fully applied economics. When different principles of economics are applied within the field of agriculture, it’s called agricultural economy. It basically applies various principles of economics to the assembly of crops, livestock, and fish and therefore the fair marketing of the products produced. Agricultural economics may be a combination of varied practical subjects and in some cases repeats itself with conventional economics.
The importance of the agricultural economy
Agricultural Economics Advising farmers to pick and produce profitable species of varied crops, animals, fish, etc., selecting land for crop production and providing guidance on the utilization of varied inputs like fertilizer, seeds, water, etc. Provides information on agricultural borrowing and its proper use, information on proper use and management of agricultural resources, information on the marketing of agricultural products, and in particular helps in making various decisions on agriculture considering the economy.
Agricultural economics contributes to the banking sector by providing theoretical and practical education on banking. Agribusiness Education for little and Medium Entrepreneurship, Agribusiness Management, Farm Management Helps to bring economic prosperity by alleviating poverty in rural areas through education, project management, and research.
How much will the agricultural loan protect the farmer?
Agriculture is that the most neglected sector in Bangladesh. Farmers are making losses by farming year after year. There have also been incidents of burning food without getting the worth of the crop. what’s spent on crop production doesn’t come up again. Basically, the food that the rich and bourgeoisie of the town eats is literally a crop of farmer subsidies. Farmers need a balanced market system, change the ownership of non-agricultural land to real farmers, control over the means of production, and ensuring the state-of-the-art opportunities that modern states provide to farmers, including crop insurance, keeping in mind global climate change.
Failure to try to do so will create a negative attitude towards an outsized part of the agricultural system within the future, which can cause food security itself. during this context, the govt has taken a policy of giving loans of T k 5,000 cores at 4 percent interest to the farmers in Corona. Basically, this loan is to require a loan by mortgaging or leasing the crop of the farmer to the govt.
Who will get the loan?
Basically, consistent with the agricultural credit policy, agricultural loans need to be taken by mortgaging the crops produced by the farmers. Its official name is ‘Grain Mortgage Document’. That is, the farmer will mortgage his grain to the bank for a particular period of your time. Repay the loan by selling paddy or any grain. On 13 April, Bangladesh Bank issued a circular. it’s said that the loan must be repaid within 18 months. the primary six months will have a grace period, which suggests you do not need to pay installments at this point. The loan has got to be repaid in twelve installments within the remaining 12 months.
Apart from grain and crop sectors, other capital-dependent sectors of agriculture, like horticulture, fish farming, poultry, dairy, and livestock also will be provided. Not quite 30 percent loans are often given in any sector. In other words, if a 30 percent loan is given to the paddy farmers in one area, then no other farmer will get a loan.
Farmers will get loans consistent with the agricultural loan policy. consistent with this policy, the owner of finish up to five acres or 15 bighas will get a loan up to a maximum of two and a half lakh rupees. For that, they need to mortgage their land deeds. those that don’t have land also will get this loan, but therein case the farmer has got to submit the lease agreement on which he cultivates the land. the most important part of the farmers cultivates paddy. If an outsized part of the affected farmers attends the bank for loans in one area, then only 30 percent of the loan allocated therein area are going to be given to the paddy farmers.
How farmers will benefit
1) Farmers can easily apply for loans through UDC or using the mobile app.
2) you’ll realize the progress of the appliance by using the app reception.
3) you’ll get a harassment-free loan facility.
4) Farmers can take loans by creating groups.
5) Farmers will get the civil rights to require loans.
The economy of Bangladesh is especially hooked on agriculture. However, during this agriculturally dependent economy, farmers suffer financially. The farmer cannot produce for lack of cash. As a result, he has got to take a loan. The loan taken by the farmer to extend the assembly of agriculture is named agricultural loan.
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Agriculture, like other manufacturing sectors, requires tons of cash to manage production. Agricultural mining is required thanks to the poverty and scarcity of capital of the farmers. Agricultural credit is a crucial means of accelerating investment in agriculture.