NABARD projects credit potential of ₹1,60,280 crore for Odisha 

The State Focus paper released at the State credit seminar for 2023-24 said an amount of ₹58,776.16 crore had been assessed under agriculture, constituting around 36.67% of the total priority sector.

Emphasising on rural infrastructure development, the National Bank of Agriculture and Rural Development (NABARD) projected an overall credit potential under priority sector at ₹1,60,280 crore for Odisha for the year 2023-24— 19% higher than that of the previous fiscal.

The State Focus paper released at the State credit seminar for 2023-24 held in Bhubaneswar on December 14 said that out of the total credit potential for the priority sector, an amount of ₹58,776.16 crore had been assessed under agriculture, constituting around 36.67% of the total priority sector.

“About ₹53,323.04 crore (90.72%) of agriculture sector credit potential is estimated under farm credit, which comprises both crop loans and term loans for agriculture and allied activities. Besides, credit potential under agriculture infrastructure and ancillary activities has been estimated at ₹2,112.51 crore and ₹3340.61 crore, respectively,” it says.

Odisha Finance Minister Niranjan Pujari said it was time for the banks to increase the credit flow for private capital formation substantially, in the State. “The State has been creating the enabling infrastructure and investment for effective growth in the agriculture sector, and banks have to provide credit for the economic benefits to percolate down to the farmers,” said Mr. Pujari.

“Concerted efforts need to be made for increasing the credit flow to the priority sector and agriculture and allied sector in particular. There is a need for increasing the area under irrigation and expansion of Rabi crops,” said C. Udayabhaskar, chief general manager, NABARD.

The credit potential under MSME sector has been assessed at ₹72,297.90 crore, constituting around 45.10% of the total priority sector. Other sectors consisting of export credit, education, housing, renewable energy, others and social infrastructure have around 18.23% share in the total credit potential under priority sector.

Development commissioner P. K. Jena, finance secretary Vishal Kumar Dev and regional director, Reserve Bank of India H. N. Panda, also spoke on the occasion.