NABARD predicts lending potential ₹39,636 Cr for Assam in FY 2023-24
For the fiscal year 2023-24, the National Bank for Agriculture and Rural Development (NABARD) predicts a lending potential of ₹39,636 crores for the state of Assam.
The State Credit Seminar, conducted on November 21, 2022, forecasted a 9% increase in credit potential for the state over the previous year. Agriculture and allied activities receive up to ₹19,983 crores (31%) of the total anticipated credit potential.
Furthermore, a loan potential of ₹14,728 crores (37%) has been predicted for the MSME sector, while a credit potential of ₹1,777 crores has been anticipated for Informal Credit – SHGs / JLGs. The credit potential for the housing and education sectors has been estimated at ₹2,805 crores.
The state focus document was released by Assam Governor Prof. Jagdish Mukhi.
Mukhi stated that NABARD has been preparing Potential Linked Credit Plans (PLPs) for each district in the country since the late 1980s. The goal is to find out how banks in the district and the state of Assam can be used to their fullest potential by giving out credit.
As a credit planning document, it has focused on mapping the sector-by-sector, activity-by-activity, overall potential for credit absorption, and providing an overview of the Agricultural Economy of all Districts.
The State Focus Paper is expected to serve as input for credit and infrastructure planning by bankers and the State Government in order to prioritize development funding distribution.
Naveen Dhingra, Chief General Manager, NABARD, Assam, emphasized NABARD’s role in enabling, energizing, and empowering India’s agricultural and rural eco-system during the previous four decades. Since its founding, NABARD has been dedicated to agriculture and rural development in India.
NABARD has worked with stakeholders to create synergies with the banking sector, onboarded numerous government organizations, and meticulously built a rural credit and cooperation ecosystem.
NABARD has implemented numerous interventions aimed at increasing the scale of finance, extending concessional credit, establishing grassroots institutions (Farmers’ Clubs, Self-Help Groups, Joint Liability Groups, and Farmer-Producer Organizations), developing customized financial products such as the Kisan Credit Card, contributing to the development of rural infrastructure, developing watersheds, and securing and diversifying tribal livelihoods, among other things.