NABARD estimates Credit Potential of ` 21922 crorefor Priority Sectors in J&K
28/03/2017
JAMMU, Mar 27: Dr. Haseeb A. Drabu, Minister of Finance/ Labour& Employment Government of Jammu and Kashmir inaugurated the State Credit Seminar organised by the National Bank for Agriculture and Rural Development (NABARD) today and released the "State Focus Paper 2017-18" prepared by it for the state of Jammu and Kashmir projecting a credit potential of ‘21922 crore for 2017-18 under priority sector.
Addressing the gathering attended by the senior officials from various State Government Depart ments, RBI, NABARD, SLBC, Banks, etc., Dr. Drabuapplauded NAB ARD for assessing the credit potential on a realistic basis and suggested that regulators like NABARD and RBI should partner with Govt. of J&K for its rapid economic transformation and development. He advised the banks to make use of developmental approaches propagated by NABARD to ensure that benefits from Government of India's key initiatives such as PMJDY, PM FasalBimaYojana,Social Security Schemes, Start-up India etc., reach people in J&K. He also advised the banks to lend adequate resources to all productive sectors of the economy particularly to farmers for investments for creation of capital assets.
He also advised the Govt. departments and Banks to make rural youth aware about the market demand and entrepreneurial opportunities available so as to attract them to become employment creators.
P K Jain, IAS, Agriculture Production Commissioner suggested various measures to be adopted for doubling the farmer's income such as adoption of integrated farming, provision of adequate extension services, collectivization and formation of farmers' societies, rejuvenation of senile orchards, etc. He requested banks to consider root stock financing as infrastructure finance for horticulture sector considering the potential of the sector.
Speaking on the occasion, N.D.Sahu, RBI expressed serious concern about low CD ratio in the state and exhorted both State Govt. and Banks for taking measures like establishment of RSETIs and Farmers Training Centres for enhancing credit absorption capacity in the State. He further emphasized that annual credit plans of banks should be integrated with the district development plans. Parvez Ahmed, Chairman and Convener (SLBC), J&K Bank appreciated NABARD for meticulous assessment of sector wise potentials and supporting financial literacy programs in the State and assured that Banks in the State will make all efforts to achieve the desired CD ratio.
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