NABARD sets Odisha’s priority sector credit target over Rs 36K Cr for FY 2014-15

Reported by Sandeep Pattnaik
Bhubaneswar, Jan 28:

Odisha’s credit potential for priority sector is pegged at around Rs. 36959.92 crore for FY 2014-15 out of which agriculture and allied sectors constitute a major chunk of Rs. 19193.12 crore, the State Focus Paper on the realizable credit potential in agriculture and priority sectors for the State unveiled by NABARD revealed on Tuesday on the sidelines of a State Level Credit Seminar here.

The gross credit of Rs. 19193.12 crore estimated by NABARD pertaining to agriculture and allied sectors includes crop loan of Rs 14373.77 crore and the rest Rs 4819.35 crore belongs to farm mechanization of Rs.1531.92 crore, Rs.1178.12 crore in animal husbandry, Rs 444.09 crore in water resources, Rs. 362.59 crore for plantation and horticulture, Rs. 490.12 crore for fishery and a huge requirement of storage space the potential credit requirement for 2014-15 is estimated at Rs.455.16 crore among others, the State Focus Paper shows.

The rest Rs 17766.80 crore credit projected for priority sector includes, Rs 4297.11 crore in respect of MSME sector, Rs 354.65 crore for agro and food processing and Rs 13115.04 crore for other priority sectors.

” The plan document has been based on the theme ‘Revival, Reconstruction and Risk Mitigation’ to give focused attention to rehabilitation measures, reconstruction and mitigation of risk in the wake of the recent devastation, brought by the twin natural calamities of cyclone and floods in the State,” Chief General Manager of NABARD Sri S K Kale said adding, “agriculture has been hit hard by sequential natural calamities which has also dampened the intensity for investment in agriculture.”

“State Government is also facing challenges to build up the critical Infrastructure. Banks & FIs have come forward to bring the economic life of the people back on the track and maintain the high growth rate both in the agriculture sector as well as in the State Economy,” he said.

Additional Chief Secretary Shri U. N. Behera applauded NABARD for the initiatives taken for assessment of realizable sectoral potentials and identification of Sectoral interventions. He urged for the State-run banks to enhance their targets suitably, looking in to the huge investment requirement. He advised the State level Bankers’ Committee (SLBC) to take this into consideration before finalizing the credit plan for 2014-15.

“The State Agricultural Policy-2013 has opened up a lot of opportunities for investments in the agricultural sector of the State. Very appropriate and timely Interest subvention schemes have been announced to encourage investments in agriculture sectors. This has also opened up opportunity for banks to invest and play big role in the economic development of the State,” Shri Behera said.

The seminar was attended by dignitaries from all concerned government departments, RBI, Commercial banks, Regional Rural Banks, Cooperative Banks and developmental institutions.