Mumbai: The government would soon announce an increase in credit availability to the farm sector as part of a relief package. The government has targeted to double agricultural credit from Rs80,000 crore to Rs160,000 crore in the first three years.

Announcing this, union agriculture minister Sharad Pawar said a series of meetings of ministries, the RBI and Nabard are taking place and a decision is expected soon.

"I think within a few weeks, we will be able to reach some definite understanding where substantial relief will be provided to farmers," Pawar said.

The minister was inaugurating a conference on Agricultural Produce Marketing Committee (APMC) rules, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

He said financial institutions have been successful in providing Rs210,000 crore in agricultural loans last year, a sizeable section of the farming community has been left out of the institutional credit system.

Pawar assured that government would be able to take corrective measures and increase credit flow to the agriculture sector so that a large number of farmers get the benefit of institutional credit.