ENA State 2024-02-07 17:35:38 <p><span style="font-size:14px"><strong>Shillong, Feb 7 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">This estimate encompasses credit provisions for agriculture, MSMEs, and other priority sectors, including housing and education loans, as per a statement from NABARD.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">He stressed the need for collaboration among stakeholders and encouraged ground-level interactions to understand local challenges and opportunities.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Additionally, he called upon the state government to prioritise infrastructure development and seek support from funds like the Rural Infrastructure Development Fund.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36604 https://knnindia.co.in/news/newsdetails/state/nabard-projects-rs-3421-cr-credit-potential-for-meghalayas-priority-sectors 2024-02-07 17:35:38 knnindia.co.in