In the credit potential, the share of the agriculture sector, including agri-infrastructure and ancillary activities in the credit assessment, was estimated at 39.32%, and that of the MSMESs was at 44.56%, a statement from NABARD said.

NABARD ON TUESDAY said it has estimated a credit target of 2.47 lakh crore for priority sector lending in West Bengal during 2022-23, around 11.80% higher than 2.21 lakh crore in the current fiscal. In the credit potential, the share of the agriculture sector, including agri-infrastructure and ancillary activities in the credit assessment, was estimated at 39.32%, and that of the MSMEs was at 44.56%, astatement from NABARD said.

The remaining credit potential was projected forvarious sectors such as self-help and joint liability groups, housing, education, social infrastructure, export and renewable energy, it said. National Bank for Agriculture and Rural Development (NABARD) prepares a potential linked credit plan annually for each district through a consultative process for credit planning and dispensation forprior ity sector activities.

West Bengal chief secretary Hari Krishna Dwivedi on Tuesday released the "State Focus Paper: 2022-23", highlighting the credit potential in presence of senior officials of the government, banks and other stakeholders.

On the occasion, NABARD chief general manager Dr AR Khan said the state government has taken several initiatives in the recent past for fostering multi-dimensional economic growth. However,these initiatives have to be supplemented through adequate credit deployment and coordinated efforts of all the stakeholders for faster and holistic development of the state, he said. Khan said smallholder farmers, representing 96% of the total farming community in West Bengal,are faced with challenges of low investment, poor productivity, inadequate post-harvest facilities and weakmarket orientation besides the adverse impact of climate change.

"In this scenario, collectivisation of agricultural produce through Farmers’ Producer Organisations (FPOs) is imperative to leverage the economies of scale by conferring greater bargaining power, better market and price discovery, access to credit and insurance,’ the NABARD statement said.