Shillong, Feb 7 (KNN) The National Bank for Agriculture and Rural Development (NABARD) has outlined a credit potential of Rs 3,421.77 crore for Meghalaya under priority sector lending for the fiscal year 2024-25.

This estimate encompasses credit provisions for agriculture, MSMEs, and other priority sectors, including housing and education loans, as per a statement from NABARD.

The breakdown of the credit estimate reveals allocations of Rs 1,441.99 crore (42.14 per cent) for agriculture, Rs 1,606.42 crore (46.95 per cent) for MSMEs, and Rs 373.36 crore (10.91 per cent) for other priority sectors.

“Scientific groundwater extraction, wherever possible, rainwater impounding in reservoirs, and micro-irrigation practices to improve the cropping intensity and establishment of small decentralised solar-based cold storages to arrest the perishability of horticulture produce along with processing have immense potential,” the statement said.

Releasing the State Focus Paper for 2024-25 prepared by NABARD at a state credit seminar on Monday, Chief Secretary DP Wahlang urged bankers to focus on increasing the credit-deposit ratio, financing collectives, and simplifying banking procedures to promote financial inclusion and rural development in Meghalaya.

He stressed the need for collaboration among stakeholders and encouraged ground-level interactions to understand local challenges and opportunities.

NABARD's General Manager, P Sahoo, elaborated on the strategy behind the credit projections and urged banks to utilise government-sponsored schemes to boost credit flow.

Additionally, he called upon the state government to prioritise infrastructure development and seek support from funds like the Rural Infrastructure Development Fund.

The seminar, attended by officials from various departments, banks, and regulatory bodies, also witnessed the issuance of sanction letters to NGOs for initiatives such as promoting farmers’ producers’ organisations, establishing rural haats, and skill development programs.

(KNN Bureau)