Farmers will get credit at the rate of 4% if they pay back their loans on time.
He also announced that the proposed farm credit target for the year 2013-2014 is Rs. 7 lakh crore.
He highlighted the fact that states like West Bengal, Chhattisgarh and Assam contribute more to the frice pool.
He also announced Rs. 500 crore to start a programme for crop diversification to motivate the farmers to go for alternate crops too.
He also promised to start a pilot project, Nutri Farms, worth Rs. 200 crore to educate farmers to try new varieties of crops. He also announced a programme worth Rs. 75 crore to rejuvenate cocunut farms in Kerala.