Goa : 29 November, 2022
The National Bank for Agriculture and Rural Development (NABARD) reported credit projections of Rs.7100 crore for the State of Goa for the financial year 2023-24 in the State Credit Seminar held today. The projections are 5.80 per cent higher than the previous year.
Of the total projected credit potential, as much as Rs 1450.00 crore (20.42 per cent) is towards Agriculture and Allied activities. Further, credit potential of Rs 4638.00 crore (65.32 per cent) has been projected towards the MSME sector, while credit potential for Other Priority Sector has been projected at Rs 1012 crore (14.25 per cent).
Sadanand Shet Tanavade, Chairman, EDC, Goa graced the State Credit Seminar as the Chief Guest and presided over the seminar. The State Focus Paper published by NABARD was released by him in the Seminar. Smita Kumar, Regional Director, RBI, Dr. Milind Bhirud, General Manager / Officer-in-Charge, NABARD, Goa Regional Office and Vikas Gaunekar, Additional Secretary, Finance Department, Government of Goa also participated in unveiling of State Focus Paper 2023-24.
The State Focus Paper is a document prepared by aggregating the credit potentials assessed at the district level to form State Credit Potentials. As a credit planning document, it has been focusing on mapping the sector wise, activity wise overall potential for the absorption of credit and providing an overview of the agricultural economy of the districts.
The State Focus Paper is expected to act as an input for the credit and infrastructure planning by bankers and the State Government to prioritise allocation of funds for development.
Earlier, Dr Milind Bhirud, GM/OIC, NABARD Goa, in his welcome address highlighted NABARD’s role in the last four decades towards enabling, energizing and empowering the agricultural and rural eco system of India. NABARD has collaborated with stakeholders, created synergies with the banking system, on-boarded various government bodies and diligently built a rural ecosystem of credit and cooperation. NABARD has scripted enumerable interventions towards expanding the scale of finance, extending concessional credit, forming grass root institutions like Food Processing Organisations, Self Help Groups and Joint Liability Groups designing customised financial products like Kisan Credit Cards, contribution towards building rural infrastructure, developing watershed, securing and diversifying tribal livelihoods and many more.
Smita C Kumar, RD, RBI in her address complimented NABARD for organizing the State Credit Seminar. She appreciated NABARD’s relentless pursuit of the goal of increasing the Ground Level Credit (GLC) and urged upon all the bankers in Goa to extend the utmost support and cooperation in achieving the goal of ‘Swayampurn Goem’.
Vikas Gaunekar, Additional Secretary, Finance Department, Government of Goa elaborated on the role of cooperative sector in financing of agricultural activities. In view of better realization of income for farmers, he opined that farmers may be encouraged to cultivate niche products. He also opined that subsidies available for various activities may be rationalized to make optimum use of the support. He appealed to bankers to improve the CD ratio which is hovering around 32%.
A presentation on the exploitable credit potential was made by Sushil Naik, DDM, NABARD for the year 2023-24. The presentation highlighted the sector wise potential mapped for the priority sector activities in Goa.
GSK/SRT/PM
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