Government of India and World Bank sign a loan agreement for Neeranchal National Watershed Project.

Government of India and World Bank sign a loan agreement for Neeranchal National Watershed Project.

The Government of India today signed a loan agreement with World Bank here for the Neeranchal National Watershed Project. The project to be implemented by the Ministry of Rural Development over a six-year period (2016-21) will support the Pradhan Mantri Krishi Sinchayi Yojana in hydrology and water management, agricultural production systems, capacity building and monitoring and evaluation. The Neeranchal project was approved by the cabinet in October last year with a total budget outlay of Rs.2142 crore with the Government share of Rs.1071 crore and the rest 50% by the World Bank.

Union Minister for Rural Development Shri Birender Singh who presided over the loan signing agreement later told the media that the all 28 states which implement the watershed projects will benefit from Neeranchal. He, however, added that nine states of Andhra Pradesh, Chhattisgarh, Gujrat, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Telangana will benefit more from the project due to implementation of large number of watershed schemes in these states.

Shri Singh informed that 12% of the area which can be called as wasteland will be targeted through this project to make about 336 lakh hectares of land arable. The Minister said that the effective implementation of the scheme will go a long way in strengthening the economic conditions of the farming community.

Source:PIBNEWS