The National Bank for Agriculture and Rural Development (NABARD) has unveiled Rs 48,176 crore credit plan estimates for the year 2015-16 for the State of Telangana.
The credit plan was unveiled in the State Credit Seminar held here on Friday in the presence of Finance Minister Etala Rajender, Irrigation Minister T Harish Rao, Chief Secretary Dr Rajiv Sharma, Principal Secretariat and other officials from government departments and banks.
Addressing the seminar, the Finance Minister welcome the credit estimates of Rs 48,176 crore credit plan estimates for Telangana and said the new State needs proper funding for development. He urged the banks to adopt an innovative approach for the comprehensive development of agriculture sector in Telangana State. He said besides providing loans, the banks should also guide farmers on their proper utilisation. He said steps should be taken to ensure that farmers get proper returns for their crops.
Speaking on the occasion, Harish Rao said that the irrigation and marketing facilities were equally important for farmers as loans. He informed that the State Government was planning to help the farmers by providing them interest free loans under Rythu Bandhu Scheme and godowns were also being upgraded.
NABARD Chief General Manager Jiji Mammen announced that the credit estimates made by NABARD for the newly formed State of Telangana was 19 per cent higher to State’s current year credit plan. He emphasised on focusing on investment credit leading to capital formation for a sustainable agricultural growth and also critical gaps in infrastructure and support services after factoring in the policy initiatives of Central Government, State Govt, RBI and NABARD. He also stressed upon NABARD’s overall focus on inclusive growth under priority sector and the mission for augmenting the food security.
While elaborating the estimates, the CGM said that the credit potential of Rs 48,176 crore under priority sector lending, includes Crop Loans (short term working capital) at Rs 25,780 crore, Agricultural Term loans at Rs 9,400 crore, loans to Micro Small & Medium Enterprise (MSME) sector at Rs 5,554 crore and loans to Other Priority Sector (OPS) at Rs 7,441 crore. (INN)