NABARD estimates Odisha’s Credit Potential at Rs.1.10 lakh crore for FY22

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Bhubaneswar : The National Bank for Agriculture and Rural Development (NABARD) on Monday projected overall credit potential for Odisha under priority sector at Rs.1,10,735 crore, 22.5% more than current financial year’s target.

“The projected credit flow to Priority sector for the year 2021-22 has been enhanced by 22.5% from the year 2020-21. The projection for credit to agriculture sector was pegged at Rs 46460.40 crore which is 7.34% more than   the projection of the year 2020-21” NABARD has projected in the state focus paper for Odisha released in the credit seminar for 2021-22. Odisha finance minister Niranjan Pujari unveiled the state focus paper.

“Keeping in view high credit growth in MSME sector with a potential generate rapid employment in the post-covid periods a projection of 41867.10 crore for credit to MSME sector has been made with a growth of 37.46% over the previous year.   In order to improve flow of credit to SHG , the projection for loan under the category has been kept at 6295 . 77 crore which will also increase the average loan for SHG” NABARD said.

“The Credit projections for Odisha for 2021-22 is  Rs.110735crore which is based on the potential assessed under various sectors and sub sectors in all the agro climatic zones of the state” said C Udayabhaskar,Chief General Manager, NABARD.

Inaugurating the seminar, the state finance minister emphasized upon increasing the Agri. term loan finance in allied sector activities such as Animal Husbandry, Poultry, Fisheries leading to asset formation and diversification of the income basket of farmers. He also advised RBI and all the bankers to increase their banking outreach in unbanked areas of the state in order to help the State Govt. in effective implementation of various developmental programmes and also increase the scope of digital banking and FI across the state. He emphasized the need of a coordinated support from all the stakeholders to make Odisha a leading state in Indian economy.

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