For priority sector lending in Telangana in 2023-24, the National Bank for Agriculture and Rural Development (Nabard) has set a credit potential of Rs 1,85,327 crore.
Of this, the potential agricultural estimate is Rs 1,12,763 crore, with a short-term crop loan component of Rs 73,437 crore and agriculture and allied term credit of Rs 39,326 crore. The credit potential for MSME and other priority sectors is estimated to be Rs 54,672 crore and Rs 17,892 crore, respectively.
While attending the State Credit Seminar organized by Nabard regional office here on Thursday, Finance Minister T Harish Rao released the State Focus Paper of Telangana, which assesses the potential for lending by banks to various activities under the priority sector for 2023-24.
According to Harish Rao, the credit potential estimates are realistic and will lay a solid foundation for the transformation of agriculture in Telangana, which will help farmers’ income. He stated that Telangana’s growth in agriculture and allied sectors was 10%, nearly three times the national average. He claimed that the State government’s farmer-friendly reforms, such as Rythu Bandhu and Rythu Bima, have encouraged farmers to pursue agriculture as a serious and lucrative profession.
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The Minister thanked Nabard for its crucial role as a farmer-friendly bank and urged bankers to tap the credit potential and enabling environment in the State for the sector’s growth and to be a partner in the State’s development
He also wanted them to help startups that play a direct role in agriculture and related industries by providing credit for oil palm production, farm mechanization, food processing, and the construction of rural godowns, among other things.
It is also worth noting that Chief Minister K Chandrashekhar Rao announced the distribution of Rs.5,000 per acre farm investment support on Sunday under the Rythu Bandhu scheme to over 65 lakh eligible farmers for the Yasangi (Rabi) season. The funds will be deposited into the farmer’s bank account beginning December 28.
The Chief Minister also directed Harish Rao and other officials to release Rs.7,600 crore in this regard and to ensure that the funds are disbursed before the January Sankranti festival.
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