MIF with an initial corpus of Rs 5000 crore was operationalized in NABARD in 2019-20 to facilitate State Govts. efforts in mobilizing additional resources for expanding coverage under micro irrigation and incentivizing its adoption beyond provisions of Pradhan Mantri Krishi Sinchayee Yojana-Per Drop More Crop. The nodal Ministry under the fund is the MoA&FW, GoI.

 

Under the funding arrangement, loans are extended to participating State Governments with 3% Interest Subvention from GoI.

As announced in Union Budget 2021-22, augmentation of the corpus under MIF by another Rs 5000 crore is under consideration of GoI.

The MIF funding arrangement for the initial corpus is in operation upto 31 March 2023. As on 31 December 2022, 14 projects have been sanctioned to 08 States (Andhra Pradesh, Gujarat, Haryana, Punjab, Rajasthan, Tamil Nadu, Uttarakhand and West Bengal) under MIF.

As on 30 September 2024, 14 projects have been sanctioned to 08 States (Andhra Pradesh, Gujarat, Haryana, Karnataka, Punjab, Rajasthan, Tamil Nadu and Uttarakhand) under MIF. Cumulative loan sanctioned stood at Rs 4719.10 crore, against which Rs 3639.49 crore has been released as on 30 September 2024.