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NABARD projects Credit Potential of Rs 2.37 lakh cr for FY 2024-25 in Kerala

NABARD has projected a Credit Potential of Rs 2.37 lakh crore under priority sector to be financed by all banks in Kerala for the 2024-25 financial year.

Thiruvananthapuram, Jan 13,2024:  NABARD has projected a Credit Potential of Rs 2.37 lakh crore under priority sector to be financed by all banks in Kerala for the 2024-25 financial year.

This was discussed at the State Credit Seminar conducted by NABARD under the chairmanship of Kerala Chief Secretary, Dr V. Venu.

At the meeting attended by various bankers and numerous departmental heads, it was found out that the agriculture sector constituted 52 per cent of the total projection for priority sector.

To boost the agriculture sector, NABARD suggested to improve the adoption of technology in agriculture, usage of drones, measures to tackle man-animal conflict, uniform leasing policy for water bodies.

However, realisation of the potential requires critical interventions in areas like digitisation of land records, formation of cooperatives in processing, marketing and also under agro industries sector, ensuring soil health.

Cards to all farmers, solutions for man-animal conflicts, mechanisation of dairy sector, avoiding delay in licensing and clearance for MSME projects.

Venu appreciated the role of NABARD in development of the state by extending timely credit to the rural financial institutions, financial support at lower rate of interest for creation of rural infrastructure and various other developmental interventions.

“The banking fraternity has to be thanked for supplementing the efforts of the State Government in bringing about rural prosperity and development of the state,” said Venu.

A booklet, titled “Enhancing the Millet”, which is a compilation of all the activities undertaken by the NABARD Kerala Regional Office for the promotion of millets, was also released during the function.

Dr B. Ashok, Kerala Agricultural Production Commissioner, highlighted the importance of improving the investment credit in agriculture and thereby capital formation besides pointed out the need for value addition in the agri and non-farm sector products.

Dr Gopa Kumaran Nair, CGM, NABARD-Kerala, pointed out activities of NABARD towards providing short term and long term refinance to Cooperative banks and RRB.

Nair also pointed out NABARD’s mark in widening its overall developmental spectra in the state through support of Farmer Producer Organisations, SHGs, climate change mitigation measures, tribal development programme, watershed development programme and soil conservation measures.

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