Odisha Channel Bureau
Bhubaneswar: NABARD has projected the overall credit potential of Odisha under priority sector at Rs.58,882.39 crore for the year 2016-17.The State Focus Paper 2016-17 for Odisha was released at the State Credit Seminar held in the city on Thursday.
The seminar was based on the theme `Accelerating the pace of Capital Formation in Agriculture and Allied Sector in Odisha’.
Aditya Prasad Padhi, Chief Secretary, Government of Odisha inaugurated the seminar.Development Commissioner-cum-Additional Chief Secretary R.Balakrishnan, other secinor officials of the State government, regional and zonal heads of Reserve Bank of India and State Bank of India, and other dignitaries participated in the seminar.
In his welcome address, S.K.Kale, Chief General Manager of NABARD said that the plan document has been prepared with to give focused attention to the rural credit flow in the State especially through agricultural term loans, area based projects and integrating with financial inclusion. He also highlighted the development perspective and strategies for promotion of various rural sectors.In his inagural address, Padhi emphasised on enhanced credit flow to agriculture and allied sectors.
He urged the banks to upscale rapid growth of credit flow in Odisha as the State government is extending various supports through subsidies and incentives.Sectors such as fishery and dairy have huge potential and need to be supported by banks, he said.Stating that the commercial banks have to provide more support in the State in agriculture and allied sectors, Padhi revealed that the State government is making all efforts to bridge the critical infrastructure gaps, and banks have to act in a manner that projections made by NABARD are achieved through concerted efforts.The focus paper highlights overall credit potential of Rs.58,882.39crore for priority sector in the State of Odisha for the year 2016-17 out of which Rs.32,207.90 crore (54.7%) has been assessed as credit potential under agriculture sector.
Total financial outlay against investments under critical gaps in infrastructure in the State has been assessed at Rs.2,783.96 crore.NABARD brings out Potential Linked Credit Plans (PLPs) annually for each district of the country giving insight on the potential for development in different sectors of rural economy, prepare a roadmap for banks to extend credit to important sectors/ sub-sectors/ activities and identify necessaryinfrastructure and linkage support for development of various sectors with convergence of Government plan.
The focus paper presents the credit potential estimated in agriculture and priority sectors as reflected in the Potential Linked Credit Plans (PLPs) prepared by NABARD for all the districts in the State.The paper indicates initiatives for enhanced production and productivity of agriculture on a sustainable basis, generation of employment and reduction of rural poverty through increased ground level credit, promotion of agribusiness, strengthening of rural infrastructure, up-scaling of micro finance interventions, creation of livelihoods in the rural farm and non-farm sector etc.through adequate credit support to various projects for development of rural economy.
The new strategy of agriculture growth and diversification of agriculture from traditional crop cultivation to horticulture would require more investments on cold storage, rural roads, communication, marketing network and facilities, warehouses etc.Simultaneously efforts should be made to revitalise agriculture through introduction of high-end technology and other innovations.This would require substantial increase in investment on extension services.