NABARD assesses Rs 31,971 cr credit flow potential this fiscal

Shimla, February 12

The National Bank for Agriculture and Rural Development (NABARD) has assessed a potential for the credit flow of Rs 31,971.20 crore in the state under various activities in the priority sectors for 2023-24.

In its State Credit Seminar for 2023-24 held here, the bank said the assessed credit flow was 9.59% higher as compared to the previous year.

On the occasion, Chief Secretary Prabodh Saxena released ‘NABARD State Focus Paper-2023-24’ and booklets on ‘NABARD in HP’, ‘Low Cost Technology Models and Success Stories’ and ‘Farm Sector Promotion Fund-Interventions in HP’.

Sudhanshu KK Mishra, Chief General Manager, NABARD, said the State Focus Paper would be a useful document for all stakeholders for making their plan and policies for increasing ground level credit in HP.

“It will act as a blueprint for the infrastructure development of the state and form the basis of the Annual Credit Plan 2023-24 for banks prepared by the SLBC/lead banks,” he said.

Appreciating NABARD’s efforts in bringing a change in Women Self-Help Group products by resolving the packaging and branding issues and providing a platform in market places and e-commerce, Saxena urged the bank to strengthen farmers’ economy and rural infrastructure. “NABARD should support dairy farmers, which is among the priorities of the CM,” he added.

Secretary, Agriculture, Rakesh Kanwar expressed concern on the registration of Farmer Producer Organisation (FPO) under the Companies Act, owing to issues with various compliance requirements. He suggested a framework for hand-holding of the FPOs should be built to provide them compliance support and make them economically viable.