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| Nabard projects Rs 262cr credit
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Kohima, March /--/ The National Bank for Agriculture and Rural Development (NABARD) has projected credit requirement for Nagaland during 2010 fiscal at Rs 262 crore under various priority sector financing from banks and FIs.
The regional office of NABARD, Dimapur, has prepared a status paper on credit requirement to priority sectors during 2010-11 for the state and it was discussed at a seminar attended by officials from banks, government officials and entrepreneurs.
The status paper prepared for all the 11 districts in Nagaland estimated the credit projection of Rs. 262.03 crore for the next fiscal under various priority sector financing by banks and FIs in the state.
Explaining the apex agriculture bank’s role in directing banks, state governments and development agencies to focus on potential areas, NABARD general manager K C Panda said out of Rs 262 crore projected in the status paper, the crop loan share stood at Rs 24 crore, agricultural and allied sector term loan at Rs 88.68 crore, non-farm sector at Rs 58.79 crore and other priority sector at Rs 94.58 crore.
State agriculture minister Chumben Murry, who also attended the seminar, said since over 80 per cent of the population and 60 per cent of the workforce in Nagaland directly depended on agri and allied sectors, the banks and FIs should come forward for assisting these crucial sectors and the farmers. The minister said the institutional credit is crucial for acceleration of growth in agricultural sector to achieve the desired GDP level, asserting that the state has a huge potential for growth in agri and allied sectors. NABARD chief general manager A K Mathur stressed on importance of identifying potential areas for overall economic development of the state through finance from banks and infrastructure support by the state government. Underlying the imperatives of easy credit flow for accelerating economic activities, state agriculture production commissioner H K Khulu expressed concern over declining trend of CD ratio in Nagaland and called for coordinated efforts from banks, state government and other extension agencies for achieving NABARD’s projected credit target in the next fiscal. (PTI)
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