NABARD estimates credit potential of Rs 34082 Cr under priority sector for J&K

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Jammu: National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 34082 crore under the priority sector for Jammu and Kashmir for the year 2023-24.

The UT focus paper was launched in the Credit Seminar of NABARD which was inaugurated by the Additional Chief Secretary (ACS), Agriculture Production Department, Atal Dulloo in presence of Regional Director, RBI, Kamal P Patnaik among other participants.

Chief General Manager, NABARD, Dr Ajay Kumar Sood, highlighted the contribution of NABARD in J&K. He elaborated on some specific initiatives being taken for inclusive development of the Union Territory.

These included ‘Improving agriculture credit through credit planning, monitoring and coordination with various stakeholders, Promotion of FPOs and Farmers collectives, Exploiting the potential of horticulture crops like Walnut, Saffron and apple through area expansion and productivity improvement, creation of a new ecosystem for Handloom and Handicraft products through OFPOs, Marketing Assistance and GI registration and Computerization of PACS’ and ‘Strengthening Agriculture and Rural Infrastructure viz. irrigation projects, rural roads/bridges, mandies besides Promoting Off-farm sector and Strengthening of Dairy Collectives /FPO with value addition and Skill development of Rural youth’.

Atal Dulloo, in his keynote address, appreciated the approach adopted for the finalization of the UT focus paper. He highlighted the issues identified for the development of J&K economy and exhorted upon all the stakeholders to put in joint efforts for realizing the credit potential made in the UT Focus Paper for 2023-24.

ACS lauded the 41 years of NABARD’s contribution towards the nation as well the J&K UT for facilitating flow of credit to agriculture and allied sectors, infrastructure financing and various development interventions for bringing prosperity in rural areas.

He also impressed upon the fact that public, administration and financial institutions should work in tandem to overcome the hurdles in the growth of UT. He advised the bankers to trust the borrowers to enhance the agriculture credit flow to kick start the growth in agriculture through capital assistance.

Regional Director, RBI, Jammu in his address stated that J&K has huge potential in agriculture and allied sectors. He exhorted for capacity building of all the stakeholders for better agricultural productivity.

During the seminar, potentially linked credit estimates for various sub-sectors of the priority sector were presented which included Rs 18732 crore for agriculture (Rs 17312 crore in Farm credit, Rs 467 crore for Agriculture infrastructure, Rs 676 crore for Food and agro-processing etc.) and Rs 11167 crore for MSME segment for year 2023-24.

Various products of NABARD supported Farmer Producer Organizations (FPOs), Off-Farm Producer Organisation (OFPO), SHGs and Financial Inclusion initiatives were also demonstrated during the event.

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