Hyderabad: The National Bank for Agriculture and Rural Development (NABARD) has figured out a credit plan worth 1,85,327 crore for supporting the priority sectors in the state for the year 2023-2024.
Finance minister T Harish Rao released the state focus paper of Telangana which gave an assessment of the potential for lending by banks to various activities under priority sectors for the upcoming year.
The potential estimate assigned to the agriculture sector is Rs 1,12,763 crore, which includes a short-term crop loan component of Rs 73,437 crore and agriculture and allied term credit of Rs 39,326 crore.
The assessment of credit potential for MSME (Ministry of Micro, Small & Medium Enterprises) and other priority sectors is Rs 54,672 crore and Rs 17,892 crore, respectively.
Speaking at the state credit seminar organised by NABARD’s regional office in Hyderabad on Thursday, the minister said that the credit potential estimates were realistic and will lay a strong foundation for the transformation of agriculture in Telangana which in turn would help in increasing farmers’ income.
Harish Rao remarked that the growth of Telangana in agriculture and allied sectors was 10%, which is almost thrice the national average.
He further added that the state government schemes like Rythu Bandhu and Rythu Bima have played a major role in uplifting farming as a remunerative occupation amount farmers.
Delighted over NABARD’s role as a farmer-friendly bank, the minister urged bankers to tap the credit potential and enable the growth of the sector in the state.
Urging startups to support the agricultural sector, Harish Rao said that they play a prominent role in allied sectors by providing credit for oil palm production, farm mechanisation, food processing, and construction of rural godowns among others.
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