Credit potential of Rs 8221 cr projected

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JAMMU- Minister for Agriculture, G.H. Mir, today said that State Government has initiated people–centric governance model besides took various developmental measures which culminated into peace, economic progress and stability in the State.            

The Minister was addressing distinguished participants from State Government, representatives from RBI, Banks, Agriculture Universities and NGOs, after inaugurating State credit seminar, organized by National Bank for Agriculture and Rural Development (NABARD) Regional Office Jammu here today.            

Principal Secretary to Chief Minister, B.B. Vyas, Chief General Manager, NABARAD, S.C. Robra, Regional Director, RBI, J&K Circle, Mr. Saraf, President, J&K Bank, O.P. Sharma, Dy. General Manager, V.D. Bohra and Manager NABARD, Sanjay Kumar were present on the occasion.

“The era of peace and stability has considerably improved investment climate in the State, amply showcased by enhanced credit flow figures”, the Minister said.

Despite remarkable encouragement in various parameters and laudable efforts by bankers and sponsoring agencies, the Minster said that the credit Deposit Ratio in the State continues to hover around 35-36 percent. He asked all the bankers to factor in the credit requirements of the farmers as well as other entrepreneurs to address this concern and support  capital investment in the State.            

Referring to agriculture sector, Mir said that credit flow to agriculture and allied sectors is one of the critical factors which affect growth of the State’s economy. He stressed for strengthening agriculture in the context of pre-dominant position of agrarian economy. He said that State government is determined to provide conducive policy environment to fully support and encourage new farm sector investments in the agriculture sector.

Saying that NABARD is focusing on development of rural infrastructure for accelerating inclusive growth, Mir announced that improving the infrastructure facilities like connectivity of village with all weather roads, drinking water supply, school buildings and toilet facilities, irrigation, supply of electricity to rural households and health services in the state are one of the top priorities of State government.   

The Minister, however acknowledged that NABARD has been a major partner in development of rural infrastructure in the State and has extended support for 2864 infrastructure projects involving sanction of Rs. 4338 crore, disbursing Rs. 3387 crore to the State till date.

He said that taking into account the various features, NABARD has assessed total credit potential for current financial year at Rs. 8221 crore envisaging growth of about 35% over the last year’s Annual Credit Plan of Rs. 6097 crore. 

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