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Rajasthan: NABARD announces priority sector credit potential of Rs 3.62 lakh crore for FY 2024-25

Author : IANS

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Jaipur, March 5 (IANS) In a significant move towards fostering integrated and sustainable rural prosperity, the National Bank for Agriculture and Rural Development (NABARD) has announced a projected priority sector credit potential of Rs 3.62 lakh crore for the financial year 2024-25.

This projection reflects a 32 per cent increase from the previous year's assessment.

The announcement was made during the State Credit Seminar held here on Tuesday, where NABARD launched the State Focus Paper (SFP) for FY 2024-25. The SFP serves as a consolidated document, outlining district-wise realistic potential, both in physical and financial terms, for the state of Rajasthan.

Addressing the gathering, Akhil Arora, Additional Chief Secretary (Finance), Rajasthan government, highlighted the pivotal role of NABARD and the banking fraternity as integral components of the development ecosystem.

He stressed the importance of empowering the youth and strengthening the agri and MSME sectors, calling for collaboration between the government and the banking sector to achieve the mission of 'Vikasit Rajasthan 2047' in line with the 'Vikasit Bharat 2024' vision.

Rajiv Siwach, Chief General Manager, NABARD, provided insights into the credit potential distribution, revealing that Rs 1.88 Lakh crore (52 per cent) is allocated towards agriculture and allied activities, Rs 1.41 lakh crore (39 per cent) towards the MSME sector, and Rs 3.24 Lakh crore (9 per cent) towards other priority sectors such as housing, education, and related areas.

This projected credit potential outlined in the State Focus Paper will serve as a benchmark for the preparation of the annual credit plan for the priority sector lending in the state for the 2024-25 fiscal.

Siwach highlighted the seminar's focus on grassroots credit demand, taking into account policy interventions and programmes initiated by NABARD, the state, and the Central government across various sectors.

He emphasised the importance of stakeholder collaboration to bridge the gaps, augment productivity, and enhance investments in agriculture infrastructure.

The programme also acknowledged the outstanding performance of the Farmer Producer Organisations (FPOs) and Primary Agricultural Credit Societies (PACS) in computerisation and warehousing initiatives across the state.

--IANS

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