Bhubaneswar: The National Bank for Agriculture and Rural Development (NABARD) has estimated State’s credit potential under priority sector at over Rs 2 lakh crore for the financial year 2024-25.
The NABARD today released State Focus Paper for the financial year 2024-25 here projecting an overall credit potential under priority sector at Rs 2,00,608 crore for the year 2024-25, which is an increase of 25.19 per cent of 2023-24.
The projection for KBK districts (viz., Kalahandi, Nuapada, Bolangir, Subarnapur, Nabarangpur, Rayagada, Koraput and Malkangiri) together ( Rs 26086.77 crore) accounts 13% of the total potential of the State.
Out of the priority sector credit potential for 2024-25, Rs. 73975.84 crore (36.87%) has been assessed for agriculture. In the financial year 2022-2023, all banks have collectively disbursed Rs. 54,716.32 crore to the agriculture sector, achieving 104.25% of the total annual target of Rs. 52,486.66 crore, out of which the share of crop loans and term loans were 60.56% and 39.44% respectively.
In addition, the credit projection for the MSME sector has been enhanced by around 32 per cent over the year 2022-23 and forms 47 per cent of the total credit potential for the year 2024-25.
Development Commissioner Anu Garg stated that NABARD has been a major partner of the State Government in implementation, creation of rural infrastructures and scaling up their operation. She advised the stakeholders to ensure that efforts are made to achieve the potential plan that has been presented by NABARD for State.
NABARD’s Chief General Manager Sudhanshu K K Mishra emphasized on the concerted efforts required to be made for achieving the set targets for the current year and increasing the credit flow to priority sector in Odisha.
He added the importance of resilient agriculture in shaping the future of the agri economy in the State. He also highlighted the activities taken up by NABARD like canopy management in collaboration with Central Horticultural Experiment Station (CHES) wherein farmers from all over the state were trained for developing 100 nurseries, watersheds and WADIs promoted by NABARD. He also stressed that no stone will remain unturned as NABARD would make all out effort to have a partnership with the State Government for the development of the State..
Arabinda Kumar Padhee, Principal Secretary, Agriculture and Farmers’ Empowerment appreciated the efforts taken by NABARD for the State Focus Paper.
He briefed the house about the focus of the State Government so that all the stakeholders are on the same page. The major focus of the State as highlighted are climate resilient programmes, nutrition security, inclusive development, farm mechanization, etc.
Regional Director, RBI, S P Mohanty stressed upon the importance of achieving the projections being made in the State Focus Paper for better credit dispensation and ensuring that not only the targets are achieved but also advised banks to expand their horizon. He also stressed upon the need for aggressive penetration of banking services into the unbanked areas.
Goutam Patra, Convenor, SLBC, while appreciating the efforts put in by NABARD in preparation of the State Focus Paper 2024-25, deliberated on the usefulness of credit planning document and urged bankers to collaborate with various Stakeholders to achieve the target set under Annual Credit Plan (ACP) 2023-24.
A presentation on a pilot project for development of the dairy sector in Ganjam District was made. The project is expected to benefit 2000 dairy farmers in the district in addition to enhancing the milk production up-to 25,000 liter per day.
The participants were also apprised about the new initiative undertaken by NABARD in preparation of a bankable scheme of Harnessing the Potential of Horticulture Sector in Odisha through Nursery Development. Under the scheme it is proposed to cover 100 agri-preneurs from various districts of the State of Odisha.