Jammu, Jan 13: The finance ministry of the state today underscored the need for strong financial sector in J&K to respond to the growing needs of the emerging economy.
 At the State Credit Seminar organized by National Bank for Agricultural and Rural Development, J&K Regional Office Jammu (NABARD) here today, it was stressed that the banks have a direct bearing on improving income levels of the people, un-employment reduction and poverty alleviation.
 It was revealed that though the credit support from the banks to various sectors is increasing but still there is a vast scope as J&K is still lagging behind in the fixed benchmarks of credit-deposit (CD) ratio of agriculture sector.
 The banks were urged to strike a balance between CD ratio and endeavour to equalize the national average. On the occasion the much needed State Focus Paper for next financial year was issued.
 Concern was expressed over the stagnation in growth particularly in agriculture sector at 1.5 per cent. It was impressed that the rejuvenation of this sector of economy was primarily critical for inclusiveness.
 “The role of financial institutions through credit, policy support from Government and contribution of Agriculture Universities are crucial for improving the growth rate with available natural resources,” it was revealed.
 It was revealed that about 49.98 per cent Bank advances have been received by Srinagar and Jammu districts (Srinagar 24.32 per cent) and (Jammu 25.66 per cent) as on December 30, 2010 whereas only remaining 50.02 per cent has gone to all other districts in the state.
 Appreciating the efforts put in by NABARD in bringing out potential based credit plan for each district and identifying the exploitable potential through credit from banks for the next fiscal (2011-12),   it was hoped that banks shall now prepare the plans realistically to meet growing credit demand of the rural masses.
 It was revealed that NABARD has sanctioned assistance to the tune of Rs 3670 crore for 4375 projects for rural roads, rural bridges, minor irrigation, soil conservation, watershed development, schools, rural drinking water supply etc.
 These projects, it was revealed, will generate non-recurring employment of 1181.56 lakh mandays and recurring employment of 582.43 lakh mandays over its project life.

Lastupdate on : Thu, 13 Jan 2011 21:30:00 Makkah time
Lastupdate on : Thu, 13 Jan 2011 18:30:00 GMT
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