ITANAGAR, 7 Feb: The National Bank of Agriculture and Rural Development (NABARD) has projected a credit potential under priority sector at Rs. 1162.86 crore for Arunachal Pradesh for 2024-25.
Out of the total credit potential, Rs. 379.43 crore has been assessed under agriculture and allied sectors.
Chief secretary Dharmendra, who released the State Focus Paper at the State Credit Seminar for 2024-25 at DK Convention Centre here on Wednesday, congratulated NABARD for its ‘diligent’ efforts in assessing credit potentials particularly, in agriculture and MSME sectors, aiming to foster economic growth in Arunachal Pradesh.
“NABARD is a valuable partner in the development journey of the state.
The state government is committed to supporting such endeavours and looks forward to continued partnership with NABARD and stakeholders for the benefit of the state,” the chief secretary said.
Finance, planning, and investment principal secretary Dr. Sharat Chauhan commended NABARD for promptly releasing the State Focus Paper and underscored the significance of credit planning for sustainable development.
Dr. Chauhan highlighted NABARD’s pivotal role in advancing rural development and urged stakeholders to prioritize sectors such as agriculture, MSMEs, education, housing, renewable energy, and informal credit delivery.
He emphasized the importance of promoting education loans, noting the trend of students from the state pursuing higher education in fields like, medicine and engineering outside the state.
He advised the participants to use the paper as a reference document and strive to remove the constraints in the process of credit flow.
NABARD GM Damodar Mishra highlighting the significance of the SFP 2024-25 in directing rural credit to the desired sectors of the state’s rural economy. Apprising the participants about various financial and developmental initiatives undertaken by NABARD, Mishra urged the participants to make optimum use of the State Focus Paper while planning their development programmes.
Agri production commissioner Vivek Pandey emphasized the importance of potential linked credit plans (PLPS) in evaluating credit potential and limitations.
Highlighting the crucial role of agriculture in Arunachal Pradesh’s economy, he stressed the necessity for increased credit allocation to the sector.
Pandey reiterated the government’s commitment to modernizing farming practices and urged stakeholders to collaborate effectively to foster agricultural development. Pandey advised banks to extend support to more farmers under Atma Nirbhar Schemes, where subsidies are provided by the state government.
RBI GM Abhijit Majumdar highlighted India’s economic resilience post-pandemic.
Acknowledging NABARD’s pivotal role in rural development, the GM emphasized the banking sector’s robust performance and its support for economic growth.
Earlier, NABARD DGM O.P Mounglang gave a presentation on the state focus paper, followed by an open-house discussion.
