NABARD estimates Meghalaya’s MSME credit potential at Rs 1,031 cr

Shillong, Mar 30 (KNN) The National Bank for Agriculture and Rural Development (NABARD) has estimated Meghalaya’s credit potential for the MSME sector in FY22-23 at Rs 1,031 crore which acquires 37 per cent from its total estimation.

This year’s total projection of Rs 2,771 crore falls 5.57 per cent higher than the previous fiscal year’s projection at Rs 2,594 crore.

This information was released during a State Credit Seminar organised by NABARD on Tuesday.

The credit estimation for Agriculture Sector has been projected at Rs 1,408 crore (51 per cent), and other priority sectors are pegged at Rs 332 crore (12%).

GHP Raju, Principal Secretary, Cooperation department was the chief guest at the seminar who released the State Focus Paper, which provides a roadmap to bankers for direction and expansion of credit flow in the state of Meghalaya.

He advised the banks to extend collateral-free loans to self-help groups/farmers/entrepreneurs who have undertaken demand activities.

Dr Vijay Kumar D Commissioner & Secretary Planning and Finance emphasised on the unique local circumstances to do business in the state and challenged the banks to create enabling norms for business ecosystem for Meghalaya. (KNN Bureau)