Union Government, NABARD and National Water Development Agency (NWDA) have signed revised Memorandum of Agreement (MoA) for funding of central share of 99 prioritized irrigation projects under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) through Long Term Irrigation Fund (LTIF).
The revised MoA will enable Ministry of Water Resources to release Central Assistance to prioritized projects under PMKSY as per requirements from time to time. For this, Department of Economic Affairs, Ministry of Finance has modified certain existing mechanism of funding of these 99 projects under LTIF, with reference to source of funds, liability towards servicing of coupon on bonds, repayment pattern of loan and rate of interest on loan, etc.
Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)
PMKSY was launched in July 2015 with overarching vision to ensure access to some means of protective irrigation for all agricultural farms in the country and to produce ‘per drop more crop’, thus bringing much desired rural prosperity. It was formulated by amalgamating earlier schemes viz. AIBP, Integrated Watershed Management Programme (IWMP) and On Farm Water Management (OFWM) component of National Mission on Sustainable Agriculture (NMSA). It is implemented by Ministries of Agriculture, Water Resources and Rural Development. It has outlay of Rs 50000 crore with implementation period of over five-year till April 2020.
Objectives of PMKSY
- Achieve convergence of investments in irrigation at the field level.
- Expand cultivable area under assured irrigation (har khet ko pani).
- Enhance adoption of precision-irrigation and other water saving technologies (More crop per drop).
- Improve on-farm water use efficiency to reduce wastage of water.
- Enhance recharge of aquifers.
- Introduce sustainable water conservation practices.