January 12, 2006

India sets up venture fund for poultry industry

The Indian Government on Tuesday launched a Dairy/Poultry Venture Capital Fund to aid farmers in the industry, reported the local media. The scheme was being run on a pilot basis with Rs 250 million (US$5.7 million) allocated for the current year and the next financial year.

A unique feature of the scheme was that it was ensured sustainability and that it promised a nominal interest rate if repayment was made on time according to Union Agriculture Minister Sharad Pawar.

The scheme was in the form of a revolving fund to be managed by Indian bank National Bank for Agriculture and Rural Development.