While Rs 20532.83 crore has been earmarked for agriculture sector, Rs 11236.80 crore has been suggested for MSME sector in the focus paper
Team News Riveting
Raipur, January 13
The National Bank for Agriculture and Rural Development (Nabard) projected a credit potential of Rs 36260.11 crore for priority sectors of Chhattisgarh during 2021-22.
The estimate is Rs 1838.73 crore or 5 per cent more than that of previous year’s projection of Rs 34421.38 crore. Of the credit potential, share of agriculture is Rs 20532.83 crore and in respect of MSME Sector, a potential of Rs 11236.80 crore has been assessed.
The state focus paper for 2021-22 was released by Dr. Premsai Singh Tekam, Chhattisgarh’s Minister for Cooperatives. Nabard’s Chief General Manager for Chhattisgarh M Soren highlighted the formulation of the Annual Credit Plan by Banks in Chhattisgarh and the initiatives taken by NABARD in infrastructure development, promotional and developmental activities in the state.
The State Focus Paper (SFP) 2021-22 presents a systematic assessment of credit potential for the 28 districts of Chhattisgarh. Doubling of farmer’s income by 2022 is one of the most relevant, ambitious, but challenging interventions for bringing time bound income security for farmers.
Of the credit for total agriculture sector, an amount of Rs. 14063.21 crore has been assessed under crop production, maintenance and marketing, Rs 3490.46 crore has been assessed for term loans to agriculture sector for promoting capital formation. Rs 6469.62 crore (31.51 per cent) has been earmarked for capital formation in Agricultural and Allied Activities including Agri- infrastructure & Ancillaries activities.
For MSME sector a potential of Rs 11236.80 crore has been assessed for the financial year 2021-22. The credit projections under Other Priority Sector i.e Export, Education, Housing, Renewable Energy, etc. is Rs
4490.48 crore.
Overall achievement under priority sector lending during 2019-20 was whopping 114.01 per cent of the target set for the year. Disbursement under priority sectors under Annual Credit Plan increased from Rs 22490.86 crore in 2018-19 to Rs 32182.22 crore in 2019-20(43.1% increase).
During 2019-20, agricultural credit disbursement stood at Rs 12059.72 crore, which is 70.44 per cent of the target allocated under the Annual Credit plan. Banks disbursed aggregate credit of Rs 16304.22 crore to MSME sector during 2019-20, 196.69 per cent of the target allocated for the sector.
During 2019-20, disbursement under Other Priority Sectors was Rs 3818.28 crore which was 135.43 per cent of the target under Annual Credit Plan for the State.
While commercial banks registered an achievement of 138 per cent over the allocated target for the year 2019-20, the achievements of Cooperative Banks and RRB were 73.59 per cent and 39.43 per cent respectively.
The share of PSB’S in agricultural advances continues to remain at a higher side (43.58 per cent during 2019-20), compared to other agencies. Even Private Banks have a larger share than that of RRB in disbursing agricultural loans.
