Government signed $80M loan with the world bank to develop agriculture

The Agriculture sector holds a significant contribution to the Indian economy. Which means, improving agriculture will strengthen the economy too. That is why the government has also started focusing more and more on the agriculture sector since the last few years. In the same episode, the Government of Himachal Pradesh signed an $80 million loan agreement with the World Bank to develop the state’s agriculture.

This amount will be spent mainly on improving water management practices and increasing agricultural productivity in various Gram Panchayats of Himachal Pradesh. According to a media report, this project will be executed in 10 districts of the state covering 428 Gram Panchayats. It will benefit around 400,000 smallholder farmers.

This project will be very beneficial for the farmers of Himachal Pradesh, as many of the lowland areas of the state lack sufficient water for irrigation and are chiefly dependent on rainwater. But the constant decrease in the rainfall and climate change is affecting the production of fruits grown in Himachal Pradesh, including its iconic apples. This step could also play a big role in contributing to the central government’s mission of doubling the farmers’ incomes.

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