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The National Bank for Agriculture and Rural Development (NABARD) will soon start on with the Rs 8,000-crore fund that the finance minister announced in this year’s budget to support the dairy sector.
It targets to sanction proposals to create new milk processing capacity of 27 million litres per day in the cooperative sector this year.
According to the Agriculture Ministry, the dairy processing infrastructure of cooperatives needs modernisation and capacity enhancement, and with most cooperatives sharing their profits with milk producers, they need support.
With this investment, the milk processing capacity (in the cooperative sector) would increase from the current 66 million litres per day to 92.6 million litres per day. Further, the bulk milk-chilling capacity would go up from 48 million litres per day to 63 million litres.
Nabard would lend the fund to the National Dairy Development Board (NDDB) and the National Cooperative Development Corporation (NCDC) at 6 per cent per annum.
The fund would help dairy cooperative in setting up modern milkprocessing infrastructure, expanding product portfolio and ensuring optimum value for their products.