E-Paper
2023-24 priority sector lending: Credit potential projected at ₹ 2.73 lakh cr: Cheema
Punjab finance minister Harpal Singh Cheema said on Tuesday that the total credit potential for priority sector for 2023-24 is projected at ₹ 2.73 lakh crore which represents an overall growth of 5 percent over the projections for 2022-23.
Punjab finance minister Harpal Singh Cheema said on Tuesday that the total credit potential for priority sector for 2023-24 is projected at ₹ 2.73 lakh crore which represents an overall growth of 5 percent over the projections for 2022-23.
Addressing the NABARD ‘State Credit Seminar 2023-24’, Cheema said that out of the aggregate credit plan, the share of crop loan is pegged at ₹ 1.03 lakh crore (38%), Agriculture Term Loan at ₹ 0.52 lakh crore (19%) and MSME at ₹ 0.71 lakh crore (26%) and Other Priority Sector (OPS) at ₹ 0.47 lakh crore (17%).
Releasing the State Focus Paper (SFP) 2023-24 and Unit Cost Booklet on this occasion, the finance minister said that NABARD has undertaken the exercise of assessing the potential for credit under priority sector for each district in consultation and coordination with banks, line departments of the state government, farmers, NGOs and other stakeholders. “These plans have been aggregated at the state level and SFP has been prepared which reflects the aggregate potential available under various subsectors of Priority Sector of the State’s economy. This is quite an elaborate exercise which will provide inputs and pointers to various stake holders”, he added.
He further said that it is a matter of satisfaction that the SFP emphasises on development of the cooperative sector, crop diversification, promotion of organic farming, development of the Farmers’ Producers’ Organization (FPOs), promotion of digital technological innovations in agriculture and “Fintech”, which will provide necessary fillip to inclusive growth and sustainable development in the State. “It is the need of the hour that these producer organisations are supported further within the agri-value chain system,” he said. Principal Secretary, Finance, Ajoy Kumar Sinha, Secretary, Finance, Garima Singh and Regional Director RBI, MK Mall were among those present.
