For the financial year 2022-23, the National Bank for Agriculture and Rural Development (NABARD) has predicted a credit potential of Rs 36,292 crore for the state of Assam.
Today, NABARD launched the State Focus Paper for the fiscal year 2022-23, which focuses on the consolidation of exploitable district-level realistic potential in Assam, both physically and financially.
In the State Credit Seminar conducted on December 8, 2021, NABARD projected a credit potential of Rs 36,292 crore for the state of Assam for the financial year 2022-23, focusing on the priority sector and with the goal of ensuring integrated and sustainable rural prosperity in the state. The credit potential has increased by 12% over the previous year.
Agriculture and allied activities receive Rs 18755 crore (52%) of the total projected credit potential, MSME receives Rs 12952 crore (36%), Informal Credit – SHGs / JLGs receives Rs 1388 crore, and Housing, Education, and other sectors receive Rs 3197 crore.
Finance Minister Ajanta Neog, in the presence of Additional Chief Secretary P K Borthakur, Regional Director, RBI, Sanjeev Singha, and CGM, SBI, R S Ramesh, among others, released the State Focus Paper in Guwahati.
The credit potential projected in the State Focus Paper will be utilised to develop an Annual Credit Plan for financial institutions to lend to the state’s priority sectors in 2022-23.
According to Baiju Kurup, Chief General Manager, NABARD, the seminar emphasized the need for credit at the grassroots level as well as policy interventions and programmes launched by NABARD, financial institutions, state and Central governments in various sectors. It was also disclosed that expert opinions were considered in order to bridge the gap in increasing productivity through agri-reforms, transformation, post-harvest management, collectivization of agricultural produce, value addition, and organising farmers into Farmer Producers’ Organizations (FPO), which may aid in the creation of local commodity-specific value chains to enable small and marginal farmers to realise optimal value of their produce through better price disco.