Bengaluru, Mar 5: Karnataka’s annual credit plan for the year 2019-20 is projected at Rs 2,34,562.65 crore, a 16 per cent higher over last year’s projections.
The plan, prepared by NABARD was released at the annual State Credit Seminar involving the Karnataka Government and State Level Bankers’ Committee (SLBC) in VidhanaSoudha in Bengaluru on Tuesday.
The State focus paper was released by Karnataka’s Chief Secretary T M Vijay Bhaskar.
Credit potential for agriculture is Rs 1,40,151 crore, a 59 per cent of total projection. Its main components are: crop loan Rs 81,565 crore, water resources Rs 5,774 crore, Plantation and Horticulture Rs 7,276 crore and Dairy development Rs 5,582 crore.
The credit plan has also emphasised on area specific ‘Sustainable Agricultural Practices’ which need to be evolved and promoted as they can mitigate climate change effects.
The Farmer Producers Organisation (FPO) is also given importance as it can play a major role in consolidation, aggregation and can promote efficient market linkage.
NABARD Chief General Manager P V S Suryakumarapprised the State Government officials about various business and developmental initiatives of NABARD namely; refinance infrastructure funding under Rural Infrastructure Development Fund (RIDF); Dairy Infrastructure Development Fund (DIDF), FPO formation; nurturing, E-Shakti project for digitization of SHGs and solicited co-operation from all stake holders; State Government, banks, NGOs and research institutions.
The Chief Secretary complimented NABARD for presenting the State Focus Paper 2019-20, which gives an overview of credit requirement by different segments of the economy in the state and wished the projection made will become real on the ground.
He highlighted that the banks align their credit programs with various schemes of the State Government for the welfare of the farmers.
Vijay Bhasakr mentioned that the Government of Karnataka will make use of this document by constituting small groups comprising of government officials and bankers under the chairmanship of the ACS to develop action plans.
He further highlighted that the banks aligned their credit programs with various schemes of Karnataka government for the welfare of the farmers.
The Chief Secretary said Karnataka will make use of this document by constituting small groups comprising of government officials and bankers under the chairmanship of the additional chief secretaries (ACS) to develop action plans.
The State Credit Seminar 2019-20 seminar was organised by NABARD’s Karnataka Regional Office.
Vandita Sharma, Additional Chief Secretary and Development Commissioner, I S N Prasad, ACS-Finance, Secretaries and senior executives from public and private sector banks also attended the meeting.