The National Bank for Agriculture and Rural Development – NABARD has estimated a loan potential of Rs. 2 lakh 58 thousand 598 crore in the priority sectors for the year 2023-24 to speed up the development of Madhya Pradesh state. This is about 6.43 percent more than the previous year. This information was given by the Madhya Pradesh Regional Office of NABARD here in Bhopal today in the “State Debt Seminar 2023-24”. This includes Rs 1 lakh 80 thousand 160 crore loan for agriculture, Rs 65 thousand 832 crore loan for MSME and Rs 12 thousand 606 crore loan for other priority sectors.
Finance Minister Jagdish Deora said in the seminar that this will have a positive impact on farmers, workers associated with enterprises and the overall economy of the state. This important cooperation of NABARD will help in fulfilling the target of Madhya Pradesh’s contribution of 550 billion dollar in achieving the country’s target of 5 trillion dollar economy.
The Finance Minister said that agriculture has been the only sector which has maintained the rate of growth even during the period of Covid pandemic. The state government also implemented several ambitious schemes to promote agriculture and industrial sectors to revive the economy. He said that the cooperation of NABARD would play an important role in giving impetus to the economy of the state.
Finance Minister Deora appreciated the steps taken by NABARD to promote the Micro Food Processing Industry (PMFME). He said that the State Government was committed to strengthen and commercialise the co-operative societies.
In the seminar, the Finance Minister also released the State Focus Paper 2023-24 and the booklet “Major Issues in Agriculture Credit in Madhya Pradesh” for 550 Billion Dollar Economy. In the programme, the banks performing commendably in the state were felicitated. Minister Shri Deora also visited the exhibition of millets organised by NABARD’s Madhya Pradesh regional office, Bhopal, under the International Millet Year 2023.
It is worth mentioning that keeping in view the priorities of the Government of India, the share of agriculture, MSME and all priority sectors in the loan assessment has been estimated at 70 percent, 25 percent and 5 percent respectively. With the cooperation of NABARD, there will be a positive change in areas like water resources, agriculture mechanization, barren land development, animal husbandry, fish farming, warehouse construction, food processing, renewable energy.
Chief General Manager of NABARD Nirupam Mehrotra, Chief General Manager of SBI Vinod Kumar Mishra, Regional Director of RBI Neeraj Nigam, Additional Chief Secretary Agriculture Ashok Varnwal, Additional Chief Secretary Horticulture JN Kansotiya and Additional Chief Secretary Finance Ajit Kesari were present.
