Bhubaneswar: The National Bank for Agriculture and Rural Development (NABARD) has projected Odisha’s credit potential for the financial year 2022-23 at Rs 1,34,665 crore, officials said here Tuesday.
The credit project for the year 2022-23 is 21.61 per cent higher than the previous year’s Rs 1,10,735 crore. This was known from the NABARD’s State Focus Paper for Odisha for the year 2022-23 released here Tuesday.
Out of the total credit potential for the priority sector, the highest amount of Rs 52,050.78 crore (38.65%) has been assessed under the agriculture sector.
Under the agriculture sector, credit flow of Rs 48,221.10 crore (92.64%) is estimated under farm credit, which comprises both crop loans and term loans for agriculture and allied activities. Besides, credit potential under agriculture infrastructure and ancillary activities has been estimated at Rs 1,824.33 crore and Rs 2,005.34 crore, respectively.
Credit potential under MSME sector has been assessed at Rs 60,001.27 crore, constituting around 44.56 per cent of the total priority sector. Other sectors consisting of export credit, education, housing, renewable energy, others and social infrastructure have around 16.79 per cent share in the total credit potential under priority sector.
Releasing the paper, Odisha finance minister Niranjan Pujari emphasised upon the need for increasing the bank credit for priority sector in Odisha as government has been pushing lot of support through various schemes like Balaram, Kalia, Samrudhi, Millet Mission, FPOs etc and it’s time for banks to increase the credit flow for private capital formation substantially.
Activities such as animal husbandry, poultry, fisheries etc., leading to asset formation and diversification of the income basket of farmers need to be credit linked, Pujari said.
Principal Secretary Finance, Vishal Kumar Dev said that the State economy could withstand the negative impact of Covid and proved its resilience. Dev indicated that a five year long term planning exercise has been commenced for a structured development of the state.
He called upon the bankers for removal of rural and urban disparity among the districts in terms of extending financial services and paving way for sustained development. Dev asked all banks to achieve the set targets and increase the bar.
Chief General Manager of NABARD, C. Udayabhaskar said that concerted efforts need to be made for achieving the set targets for the current year and increase the credit flow to the priority sector.
The NABARD has been increasing their support for the infrastructure development, tribal development, watershed development and micro entrepreneur development among SHG women and will increase the developmental activities in the State, he said.
IANS