NABARD estimates credit potential of Rs 34,082 cr under priority sector for J&K

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Jammu, Feb 2 (PTI) National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 34,082 crore under the priority sector for Jammu and Kashmir in 2023-24.

The focus paper was launched in the credit seminar of NABARD, which was inaugurated by Additional Chief Secretary, agriculture production department, Atal Dulloo in presence of Regional Director, RBI, Kamal P Patnaik here, an official spokesperson said.

During the seminar, the spokesperson said potential linked credit estimates for various sub-sectors of the priority sector were presented, which included Rs 18,732 crore for agriculture (Rs 17,312 crore in farm credit, Rs 467 crore for agriculture infrastructure, Rs 676 crore for food and agro-processing) and Rs 11,167 crore for MSME segment 2023-24.

Dulloo, in his keynote address, appreciated the approach adopted for the finalisation of the UT focus paper.

He highlighted the issues identified for the development of the J&K economy, and exhorted all the stakeholders to put in joint efforts for realising the credit potential made in the UT Focus Paper for 2023-24.

He also lauded the 41 years of NABARD's contribution towards the nation and J&K for facilitating the flow of credit to agriculture and allied sectors, infrastructure financing and various development interventions for bringing prosperity in rural areas.

Dulloo also impressed upon the fact that public, administration and financial institutions should work in tandem to overcome the hurdles in the growth of UT.

He advised the bankers to trust the borrowers to enhance the agriculture credit flow to kick start the growth in agriculture through capital assistance.

NABARD Chief General Manager Ajay Kumar Sood elaborated on some specific initiatives being taken for the inclusive development of the Union Territory.

These included improving agriculture credit through credit planning, monitoring and coordination with various stakeholders, promotion of Farmer Produce Organisations and farmers collectives and exploiting the potential of horticulture crops like walnut, saffron and apple through area expansion and productivity improvement.