NABARD estimates Odisha's credit potential at Rs 1,10,735 cr for 2021-22

The National Bank for Agriculture and Rural Development has assessed a total credit requirement of Rs 1,10,735 crores for the year 2021-22 with greater emphasis on crop diversification, animal husbandry and fishery sector apart from the greater thrust on enhancing credit flow to Self Help Groups, according to an official release from NABARD.

The National Bank for Agriculture and Rural Development has assessed a total credit requirement of Rs 1,10,735 crores for the year 2021-22 with greater emphasis on crop diversification, mal husbandry and fishery sector apart from the greater thrust on enhancing credit flow to Self Help Groups, according to an official release from NABARD.

Odisha Finance Minister Niranjan Pujari on Monday released the State Focus Paper at a State Credit Seminar for 2021-22.

The meeting was attended by controlling Heads of Banks and senior functionaries from the State government. For the first time, the seminar was attended by the District Collectors, LDMs, and DDMs of NABARD in a virtual mode.

During the program, NABARD felicitated best performing farmers from Krishak Sammridhi Yojana (project for doubling of farmers income), Farmers Producers Orgsation and members of Self Help Groups (SHGs) apart from two best tribal farmers who have excelled in the Wadi project (Orchard Development) promoted by NABARD.

C Udayabhaskar, Chief General Manager, NABARD explained the process of preparation of credit projection for the priority sector, which forms the basis of the Annual Credit Plan. The document assesses infrastructure available and requirements to stimulate credit growth.

Pujari congratulated NABARD for bringing out a well-researched document. He also congratulated the banking sector in advance towards achieving the priority sector lending target of Rs 1,00,000 crore for the Financial Year 2020-21.

A K Meena, Principal Secretary, Finance informed that Odisha has been performing consistently well compared to the national level GDP.

However, he pointed out that the share of the Bank credit in the GSDP of the state is much below the contribution of credit to national level GDP.

Among major highlights of the State Focus Paper including the projected credit flow to priority sector for the year 2021-22 has been enhanced by 22.5 per cent from 2020-21.

The projection for credit to agriculture sector was pegged at Rs 46,460.40 crore which is 7.34 per cent, more than the projection of 2020-21.

( With inputs from ANI )