NABARD projects Rs 39,636-crore credit potential of State for FY 2023-24

GUWAHATI: The National Bank for Agriculture and Rural Development (NABARD) has projected a credit potential of Rs 39,636 crore for Assam for the financial year 2023-24 in the State Credit Seminar held on Monday, which is 9 percent higher than the previous year.

Of the total projected credit potential, as much as Rs19,983 crore (31 percent) is towards agriculture and allied activities. Further, credit potential of Rs 14,728 crore (37 percent) has been projected towards the MSME sector, while credit potential for Informal Credit for SHGs/JLGs has been pegged at Rs 1,777 crore, while that Housing and Education Sector has been projected at Rs 2,805 crore.

Assam's Governor Prof Jagdish Mukhi graced the State Credit Seminar as Chief Guest and presided over the session. The State Focus Paper published by NABARD was released by the Governor, informed a press release.

While addressing the stakeholders, Mukhi said that the Potential Linked Credit Plans (PLPs) were prepared by NABARD for every district in the country since late 1980s. The objective is to assess the exploitable potential through credit dispensation by banks throughout the districts and throughout the State of Assam. As a credit planning document, it has been focusing on mapping of the sector-wise, activity-wise, overall potential for the absorption of credit and provide an overview of the agricultural economy of all the districts. The State Focus Paper is expected to act as an input for the credit and infrastructure planning by bankers and State Government to prioritize allocation of funds for development. The Governor highly praised NABARD for methodically mapping available exploitable credit potentials encompassing all priority sector activities of the State's economy.

Earlier, Naveen Dhingra, Chief General Manager of NABARD, Assam, in his welcome address highlighted NABARD's role in the last four decades towards enabling, energizing and empowering the agricultural and rural eco-system of India. NABARD has dedicated itself to agriculture and rural development of India since inception. NABARD has collaborated with stakeholders, created synergies with the banking system, on-boarded various Government bodies and diligently build a rural ecosystem of credit and cooperation. NABARD has scripted innumerable interventions towards expanding the scale of finance, extending concessional credit, forming grass-roots institutions (the Farmers' Clubs, Self Help Groups, Joint Liability Groups, Farmer-Producers' Organizations), designing customized financial products like the Kisan Credit Card, contribution towards building rural infrastructure, developing watersheds and securing & diversifying tribal livelihoods, and many more, Dhingra said.

Assam's Finance Minister Ajanta Neog, in her address, complimented NABARD for organizing the State Credit Seminar. The Finance Minister appreciated NABARD's relentless pursuit of the goal of increasing the Ground Level Credit (GLC) and urged upon all the bankers in Assam to extend the utmost support and cooperation in achieving the dream of putting Assam in the forefront not only in the Northeastern region, but also across the country. Neog highlighted the Government's sincere gratitude towards selfless and dedicated services rendered by bank officials during the period of preventive lockdown to contain the spread of contagious Covid-19 pandemic.

Manish Thakur, Assam's Commissioner and Secretary, Finance, Sanjeev Singha, Regional Director of RBI, Guwahati, and Arvind Kumar Singh, CGM of SBI, Guwahati attended the seminar along with other dignitaries.

A presentation on the exploitable credit potential was made by Nabin Kumar Roy, General Manager of NABARD, on the credit potential for the year 2023-24. The presentation highlighted the sector-wise potential mapped for the priority sector activities in Assam.

An exhibition-cum- demonstration of NABARD's interventions, including Majuli mask making, sericulture and millets value chain and an exclusive stall of potential GI products was also organized on the sidelines of the event.

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