Tuesday, June 25, 2024

NABARD estimates TS priority sector credit potential at Rs 1,85,327 crore

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PNS|Hyderabad

The NABARD organised a State Credit Seminar on Thursday to launch the State Focus Paper (SFP) giving an assessment of the potential for lending by banks under the priority sector in the state during the year 2023-24.

Finance Minister T. Harish Rao released the State Focus Paper (SFP) in the presence of CS Somesh Kumar, M. Raghunandan Rao, Secretary, K. Ramakrishna Rao, Special Chief Secretary (Finance), KS Chakravarthy, DGM, RBI, K. Ravinder Rao, Chairman NAFSCOB & TSCAB, KH Pattnaik, CGM, Canara Bank, Debashish Mitra, GM SLBC Telangana, senior bankers and government officials.

Suseela Chintala, the Chief General Manager of NABARD, Telangana, in her welcome address said that NABARD concentrates on the four pillars of the rural economy -farmers, SHG women, rural youth, artisans or micro-entrepreneurs be it credit support to banks and government institutions or ensuring institutional development or implementing development projects or partnering with the government in infrastructure development through programmes like Mission Kakatiya, Mission Bhagiratha, expansion of oil palm cultivation, and enhancing irrigation potential.

Chintala said that the credit potential assessed for the year 2023-24 for Priority Sector lending is Rs 1,85,327 crore. The potential estimate for agriculture is Rs 1,12,763 crore comprising short-term crop loan component of Rs 73,437 crore and agriculture and allied term credit of Rs 39,326 crore. The assessment of credit potential for MSMEs and other priority sectors is Rs 54,672 crore and Rs 17,892 crore, respectively.

She highlighted the need for value addition in agriculture particularly in millets as 2023 is the International Year of Millet and Telangana is one of the major producers of millets.

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