India could raise $12.65 bln in overseas loans to boost irrigation - Bloomberg | Reuters

NEW DELHI India could raise about 860 billion rupees ($12.65 billion) in overseas loans to boost irrigation facilities, Bloomberg reported on Tuesday, citing a senior government official.

State-run National Bank for Agriculture and Rural Development may steer the borrowing plan that is aimed at adding as much as 13 million hectares (32.1 million acres) of irrigated farmland, Bloomberg said, quoting Water Resources Secretary Shashi Shekhar.

Two consecutive droughts have clipped farm output in India, one of the world's biggest producers and consumers of a number of commodities, as only about half of the farmlands have irrigation facilities.

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($1 = 67.99 rupees)

(Reporting by Mayank Bhardwaj; Editing by Subhranshu Sahu)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Feb 03, 2016 01:30 AM

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