Punjab is a hub of goat farming in India due to its favorable climate and plentiful agricultural resources. The Government of India introduced integrated development in small ruminants and rabbits by providing a goat farming subsidy in Punjab. As per the National Livestock Mission (NLM), a goat farmer can get a subsidy of up to 50% on food, water, and fodder.
Purpose of goat farming subsidy in Punjab
NLM offers the subsidy through NABARD (National Bank of Agriculture and Rural Development) to promote development in the small ruminant, poultry, and fodder sectors. NLM aimed to encourage entrepreneurs, organizations, or any research institutes associated with the sheep, goat, pig, and fodder sectors. NLM’s mission is to increase the production of meat, goat milk, wool, and fodder. The inclusion of a goat farming subsidy will stabilize the demand and supply gap in the fodder processing unit.
Types of Government Subsidy
There are mainly two types of subsidies available for goat farming to provide financial aid to goat herders. Capital investment subsidy is for purchasing essential equipment and machinery required for goat farming. This working capital assistance is for developing infrastructure for goat farming. Another popular type of goat farming government subsidy is an interest subsidy. This offers farmers loans at low interest to help them in running their business.
Benefits of Government Subsidy
The government introduced goat farming subsidy in Punjab to improve the livelihoods of farmers, keeping an eye on the following benefits listed below.
- Reduce the burden of capital investment
- Increase meat, milk, and fiber production.
- Increased employment opportunities
- Steady income flow by maintaining sustainable farming practices
Goat farming loan offered as part of subsidy scheme.
Goat farming loans are accessible through the application in Government and private institutes. NABARD is supporting small and medium farmers in their livestock farming by providing loans through various financial institutes like commercial banks, regional rural banks, or state cooperative banks.
Here is a list of banks with expected interest rates for easy understanding.
- Goat farming loan from SBI
The interest rate and loan disbursement amount depend on the applicant’s credit profile and type of requirement. Generally, the interest rate is 7% p.a. with a minimum ceiling of Rs.2 lakhs and a maximum of Rs.3 lakhs. The repayment period is usually 5 years.
- Goat farming loan from Punjab National Bank
PNB is providing a loan as per the goat farming subsidy in Punjab with a maximum limit of Rs. 10 lakhs. The interest rate varies based on the applicant’s credit profile and capital requirement. The repayment period is between 5 and 6 years.
FAQ
- How to apply for a subsidy?
The NABARD goat farming subsidy is applicable if anyone has availed bank loans from commercial banks, cooperative banks, RRBs, or any nationalized banks. - What is the eligibility criteria for this subsidy?
Individuals applying for a subsidy must be from Punjab with valid identity proof. The person must be within the age limit of 18-60 years. - How long does it take to receive approval?
Normally it takes three months for documentation, verification, and final approval. - Is there any specific criteria that needs to be satisfied to get a goat farming subsidy?
Yes. The individual must have land for goat farming and rearing practices, and he must comply with the eligibility criteria set up by NABA
