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Nabard Projects 19 pc More Credit Flow

Potential for agriculture and allied sectors constitutes Rs 26,226 crore at around 55 pc of total projections

Published: 31st January 2015 06:00 AM  |   Last Updated: 31st January 2015 05:08 AM   |  A+A-

BHUBANESWAR:National Bank for Agriculture and Rural Development (Nabard) has projected an overall credit potential of Rs 47,756.4 crore for priority sector in Odisha during 2015-16, about 19 per cent higher than that was projected for 2014-15 fiscal.

The potential for agriculture and allied sectors constitutes Rs 26,226.5 crore at around 55 per cent of the total projections for the year, the State Focus Paper released by Nabard for 2015-16 on Friday stated.

Nabard Projects.JPGWhile the agri-credit includes crop loan of 19,056.81 crore, farm mechanisation has been pegged at Rs 2,164 crore. Considering the huge requirement of agricultural storage space in the State, the potential credit requirement for storage and godown in 2015-16 is estimated at Rs 725 crore.

The ground-level credit flow for agriculture which was Rs 1,316 crore in 2003-04 has increased to Rs 12,581.6 crore in 2013-14. The credit flow over the years has increased multifold, but keeping in view the growth potential, it has to be accelerated, the plan document has emphasised.

“Banks need to gear up and come out with a strategy to improve GLC flow to agriculture sector in particular. The plan document has been based on the theme ‘Accelerating the Pace of Capital Formation in Agriculture and Allied Sectors in Odisha’ to give focused attention to asset creation in agriculture,” Chief General Manager Nabard SK Kale said at the State Credit Seminar here on Friday.

Speaking on the occasion, Chief Secretary GC Pati called upon the banks to be proactive in increasing credit flow to priority sector. The State Level Bankers’ Committee (SLBC) should adopt the Credit Plan prepared by Nabard for finalising the plan for 2015-16, he stressed.

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