The potential estimate for agriculture is Rs 1,127.63 billion, out of which short-term crop loan component is Rs 734.37 billion and agricultural and related term credit is Rs 393.26 billion.
Posted on – 12:52 AM, Fri – 23 December 22
Representative images.
Hyderabad: The National Bank of Agriculture and Rural Development (Nabard) has identified a credit potential of Rs 185,327 crore for loans to priority sectors in Telangana for 2023-24.
Of this, the potential estimate for agriculture is Rs 1,127.63 billion, comprising Rs 73,437 crore short-term crop loan component and Rs 39,326 crore agricultural and related term credit. The credit potential for MSME and other priority sectors is assessed at Rs 5,467.2 crore and Rs 17,892 crore respectively.
On Thursday, Finance Minister T Harish Rao, while participating in a national credit seminar organized by the Nabard Regional Office, released the Telangana National Priorities Paper assessing the potential of banks to lend to various activities under priority sectors for 2023-24.
Harish Rao said the estimated credit potential is realistic and will provide a solid foundation for agricultural transformation in Telangana, which in turn will help increase farmers’ income. He said Telangana’s growth rate in agriculture and related sectors was 10%, almost three times the national average. He said the state government’s farmer-friendly reforms, including Rythu Bandhu and Rythu Bima, encouraged farmers to take up farming as an important and rewarding occupation.
The Minister thanked Nabard for its vital role as a farmer-friendly bank and called on bankers to leverage the state’s credit potential and enabling environment to promote the sector and become partners in the state’s growth. He also wants them to support start-ups that play a direct role in agriculture and related sectors by providing credit for oil palm production, farm mechanization, food processing and rural warehouse construction, among others.
