WB grants Rs 1,200 cr loan to ICAR

NEW DELHI: The World Bank has extended a loan worth Rs 1,200 crore to the Indian Council of Agricultural Research (ICAR).

The loan, to be utilised within a period of five years, will be invested in a manner to promote the National Agricultural Innovative Programme and to ensure attainment of 400 million metric tonne(MMT) of agricultural production by 2010.

Speaking at a seminar organised by industry body Assocham, Mangla Rai director general at ICAR said, "The idea behind this is to ensure best possible benefits to the Indian farmers and to accomplish the dream of second Green Revolution."

He also revealed that ICAR has signed a memorandum of understanding with China this week to ensure production of high yield variety (HYV) rice in India. ICAR has also asked various stakeholders including agriculture research institutes, training centers, research laboratories and NGOs to suggest means and technologies for producing HYV seeds.