NABARD pegs state’s credit potential at Rs 3,421 crore

SHILLONG, Feb 6: The National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 3,421.77 crore for Meghalaya under priority sector lending by the banks for the 2024-25 fiscal.
According to a statement from NABARD, the credit estimate for agriculture, MSME, and other priority sectors consisting of housing loans, education loans, etc., have been pegged at Rs 1,441.99 (42.14%), Rs 1,606.42 crore (46.95%), and Rs 373.36 crore (10.91%) respectively.
“Scientific groundwater extraction, wherever possible, rainwater impounding in reservoirs, and micro-irrigation practices to improve the cropping intensity and establishment of small decentralised solar-based cold storages to arrest the perishability of horticulture produce along with processing have immense potential,” the statement said.
Releasing the State Focus Paper for 2024-25 prepared by NABARD at a state credit seminar here on Monday, Chief Secretary DP Wahlang urged the bankers to focus on increasing the CD or credit-deposit ratio, financing of collectives, and simplifying banking procedures.
He highlighted the vital role of banks in financial inclusion and called for the convergence of all stakeholders and a collective approach towards developing rural Meghalaya.
He further urged the stakeholders to interact with the people at the ground level to be aware of the current challenges and potentials.
NABARD’s general manager P Sahoo, explaining the strategy adopted in working out the credit projections, requested the bankers to leverage the central and state government-sponsored schemes to improve the credit flow in the state.
He also requested the state government to look at the infrastructure need and avail greater support under the Rural Infrastructure Development Fund apart from the NABARD Infrastructure Development Assistance.
The seminar was attended by senior officials from various departments, banks, RBI, lead district managers, representatives from SLBC, NGOs, etc.
During the programme, specific contribution to priority sector lending apart from SHG-bank linkage in the state by a few banks and branch managers was acknowledged.
The event also marked the issuance of sanction letters to NGOs for the promotion of farmers’ producers’ organisations, the establishment of rural haats, and skill development in the state.