NABARD Projects Rs 88,303 Cr Credit Potential For Jharkhand's MSMEs & Agriculture Sectors

Ranchi, Feb 17 (KNN) The National Bank for Agriculture and Rural Development (NABARD) has outlined a substantial credit disbursement potential of Rs 88,303.77 crore for Jharkhand's priority sector in the forthcoming financial year, according to its recently released state focus paper (SFP).

The comprehensive credit projection encompasses Rs 23,752.96 crore for agriculture and Rs 53,800.57 crore for micro, small, and medium enterprises (MSMEs). 

The plan further allocates Rs 10,750.24 crore to other priority sectors, including housing, education, export credit, renewable energy, social infrastructure, and financial support for self-help groups.

In its agricultural outlook, the SFP advocates for crop diversification, particularly emphasising the cultivation of pulses, oilseeds, and high-value crops. 

The paper identifies significant potential for promoting coarse cereals, specifically finger millet in upland regions, while also highlighting opportunities in allied sectors such as dairy, fishery, and lac production.

The MSME sector in Jharkhand currently comprises 15.88 lakh units, with micro enterprises constituting 99 percent of the total. 

The focus paper recommends leveraging the state's abundant mineral resources to establish new enterprises, potentially stimulating economic growth in the region.

Addressing educational development, the paper emphasises the need to enhance student awareness regarding various loan schemes, including central government scholarships and credit guarantee funds for education loans. 

NABARD Chief General Manager S K Jahagirdar noted that despite Jharkhand's rich natural resources, its agricultural sector faces significant challenges, including low productivity, limited irrigation infrastructure, and inadequate market access.

The annually prepared potential linked plan (PLP) serves as the foundation for state and district-level annual credit plans, providing comprehensive sectoral analysis and infrastructure requirements. 

Jahagirdar has urged all stakeholders, including banks, policymakers, and development agencies, to utilise the insights presented in the state focus paper to advance Jharkhand's economic development.

(KNN Bureau)