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Lieutenant Governor Unveils Rs 34,829 Cr Potential Linked Credit Plan of NABARD for Jammu & Kashmir

Lieutenant Governor Manoj Sinha on Thursday unveiled Rs.34829 crore Potential Linked Credit Plan of the National Bank for Agriculture and Rural Development (NABARD) for J&K which focuses on meeting the aspirations of the rural population, bridging gaps in rural infrastructure, and strengthening the co-operative credit systems to transform the agricultural economy.

Ayushi Raina
Manoj Sinha on 24 March 2022 revealed Rs.34,829 crore potential linked credit plan of NABARD for the Union Territory
Manoj Sinha on 24 March 2022 revealed Rs.34,829 crore potential linked credit plan of NABARD for the Union Territory

Lieutenant Governor, Manoj Sinha on 24 March 2022 revealed Rs.34,829 crore potential linked credit plan of NABARD (National Bank for Agriculture and Rural Development) for the Union Territory which focuses on bridging the gaps in rural infrastructure and strengthening the cooperative credit systems to transform the Agri economy.

The credit plan was announced during the 'UT Credit and Development Seminar' organized in Jammu by NABARD to present the 'UT Focus Paper 2022-23' for J&K, which included physical and financial potential under Agriculture & Allied Activities and other priority sectors, including off-farm sector activities.

Speaking on the occasion, the Lt Governor highlighted the need of focusing on the development of the rural economy in order to realize its full potential by filling infrastructural, human resource, and financing deficiencies.

"Rural J&K is our next major development story, and we must guarantee that the rural economy actively participates in this growth process.  We need inter-sector collaboration to improve infrastructure, empower women, and create employment, and NABARD plays a key role in this endeavor," Sinha added.

It was discovered that in J&K, NABARD has been a crucial driver of the rural economy by providing the basic infrastructure needs under the Rural Infrastructure Development Fund, where under 4178 projects have been completed in the last 26 years at a cost of Rs.8457 crores, focusing mainly on irrigation and rural connectivity.

The Lt Governor also announced that NABARD and J&K's Agriculture Department have jointly planned a development package of Rs.25,991 crore to improve agricultural inputs, farmers' income through easy availability of credit, agricultural technical up-gradation, and the entire agriculture & horticulture production chain.

The Lt Governor stated that this comprehensive plan was in line with the Honorable Prime Minister's vision of doubling farmers' income. 'In J&K, NABARD has formed 36 Farmer Producer Organizations that benefit around 6,000 farmers, and 26 more such organizations will be formed in this fiscal year, significantly advancing the establishment of a solid base of modern agriculture and horticulture in the UT,' he added.

Sinha expressed hope that NABARD will work closely with the UT government to increase self-sufficiency and efficiency in agriculture and associated sectors. He highlighted that the UT's Agriculture department is distributing new high yield variety seeds to around 9 lakh farmers this year, as well as aiming to connect more than 33,000 farmers with farm mechanization.

On the occasion, the Lt Governor appreciated the role of NABARD in organizing and nurturing Self Help Groups engaged in creating employment opportunities and empowering women and marginalized sections of the rural population.

The Lt Governor also encouraged NABARD officials to work with the Jammu Kashmir Rural Livelihood Mission to plan the extension of the already existing 56,000 Self Help Groups under the UMEED initiative which presently connects around five lakh women. He said the expansion will open up new horizons for them and in turn boost their economic potential.

Sood, CGM, NABARD, greeted the participants and highlighted NABARD's role in J&K. The vote of thanks was given by Surender Singh, General Manager of NABARD.

Various NABARD-supported Farmer Producer Organizations (FPOs), Off-Farm Producer Organizations (OFPOs), and SHG products were also on display at the venue. Handloom and handicrafts from NABARD-supported Rural Marts in Kashmir, honey and walnut from Ramban, mushrooms from Kathua, Mushqbudji rice from Anantnag, SHG products from Samba , and other products were on display at the stalls.

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