Politics Insight News Without Politics
Virendra Singh Rawat
Economic Journalist
National Bank for Agriculture and Rural Development (NABARD) has estimated that Uttar Pradesh’s composite rural credit would touch Rs 2,07,000 crore during the next financial year 2017-18.
This would be 17% higher than corresponding figure of about Rs 1,78,000 crore estimated for the current 2016-17 fiscal. This implies greater credit flow to the state rural economy and capital formation in the farm and allied sectors and trumping any aftereffects of demonetisation.
In its latest State Focus Paper, NABARD has projected total credit potential of Rs 2,07,903 crore during 2017-18 for crop production, animal husbandry, fisheries, water resources, plantation and horticulture, rural infrastructure, renewable energy, rural housing, export and education etc.
NABARD chief general manager A K Panda has urged the UP government to waive e-mandi license fee for Farmers Producers Organisations (FPO) and advocated seed capital support for the organisation in the backdrop of the central government’s target to double farmers’ income by 2022.
State Focus Paper contains the projected outlay for next fiscal, entailed the aggregate of credit potential under different sectors of economy, both farm and non-farm, the status of infrastructure under each sector/sub sector and critical gaps in different districts.
Under RBI guidelines, this is part of the decentralised credit planning undertaken by NABARD through consultative process to estimate credit potential in various sectors of economy.
Depending upon this Plan, the commercial banks prepare Annual Credit Plan (ACP) for UP, fixing individual bank targets under the Lead Bank Scheme.
