NABARD Projects Rs 3.62 Lakh crore Priority Sector Credit Potential for FY 2024-25

To ensure integrated and sustainable rural prosperity in Rajasthan, the National Bank for Agriculture and Rural Development (NABARD) has projected a priority sector credit potential of Rs 3.62 Lakh crore for the financial year 2024-25. The credit potential amount is 32 percent higher than the previous year’s assessment. NABARD during its State Credit Seminar held today launched the State Focus Paper (SFP) for FY 2024-25, which is also the consolidated document of exploitable district-wise realistic potential, both in physical and financial terms in the State of Rajasthan.

The State Focus Paper was released by Akhil Arora, IAS, ACS Finance, Government of Rajasthan, in the presence of Naresh Kumar Thakral, IAS, Secretary –Budget and Expenditure, Navin Nambiar, Regional Director, RBI, Dr Rajiv Siwach, CGM NABARD and Harshadkumar T Solanki, Convener SLBC.

Akhil Arora in his address said that NABARD and the baking fraternity are not just development partners but a part of the integral ecosystem. He emphasised the need to empower youth and harness their capabilities by developing products for a startup ecosystem and strengthening the Agri and MSME sectors. He insisted on the government and banking sector collaborating to work towards a Vikasit Rajasthan 2047 in line with the Vikasit Bharat 2024 mission.

Dr. Rajiv Siwach, Chief General Manager, NABARD, informed that, of the total projected credit potential, Rs 1.88 lakh crore (52%) is towards agriculture and allied activities,  Rs 1.41 Lakh crore (39%) towards the MSME sector and Rs 3.24 Lakh crore (9%) towards other priority sectors like housing, education, and related sectors. 

The credit potential assessed in the SFP will be used as a benchmark for the preparation of the Annual Credit Plan for priority sector lending in the State for the year 2024-25. Dr Siwach further said that today’s seminar deliberated upon the credit demand at the grass root level, by taking cognizance of the policy interventions and programs initiated by NABARD, the State as well as the Central Government in various sectors.

He further stated that stakeholders’ views were taken into account for meeting the gap in augmenting productivity by way of increased investment in agriculture infrastructure, collectivization of agricultural produce, value addition, and organizing farmers into Farmer Producers Organizations, etc. He also informed about the recent development in the Centre-State joint efforts for revitalizing the Cooperatives through the computerization of Primary Cooperative Agriculture Societies for better credit flow to farmers.

During the seminar, the best-functioning Farmer Producer Organizations and front running Primary Agricultural Credit Societies (PACS) in computerization and warehousing initiatives in the State were also felicitated.