NABARD conducts the State Credit Seminar – Chief Secretary unveils the State Focus Paper for the State, projecting credit flow at Rs 1162 Crore during 2024-25
Staff Reporter:
Itanagar, 7th February 2024 - The State Credit Seminar 2024-25, organised by NABARD, was held today at the DK State Convention Centre under the chairmanship of Chief Secretary Dharmendra. In the event, the State Focus Paper, projecting a credit potential of Rs 1162.86 Crore under priority sectors in the State during 2024-25 was released.
Joining Chief Secretary Dharmendra were notable dignitaries including Sharat Chauhan, Principal Secretary of Finance, Planning & Investment; Vivek Pandey, Agricultural Production Commissioner; Saugat Biswas, Commissioner of Fisheries; Hage Tari, Secretary of Industries; Krishna Kumar Singh, Secretary of Cooperation cum RCS; Abhijit Majumdar, General Manager of the Reserve Bank of India; and Vikal Sharma, representing the SLBC.
Representatives from State Government Departments, officials from banks including from SBI, other public and private sector banks, APRB, Coop. Apex Bank, scientists from Krishi Vigyan Kendras, ArSRLM, academicians from RGU, G.B Pant National Institute of Himalayan Environment, and representatives from civil societies participated in the Seminar.
The State Focus Paper 2024-25 was unveiled by CS in the Seminar. The State Credit Plan as envisaged under the State Focus Paper prepared by NABARD had estimated the exploitable potential for 2024-25 at Rs 1162.85 crore.
In his welcome speech, Damodar Mishra, GM, NABARD warmly welcomed dignitaries to the State Credit Seminar, highlighting the significance of the SFP 2024-25 in directing rural credit to the desired sectors of the State’s rural economy. With an exploitable credit potential of ?1162.85 crore projected, including ?379.43 crore for agriculture and allied activities, NABARD emphasized the importance of PLPs in guiding the credit planning process in the State. He apprised the participants about various financial and developmental initiatives undertaken by NABARD and urged the participants to make optimum use of the State Focus Paper while planning their development programmes.
CS, Dharmendra in his speech said, “he was honoured to participate in the State Credit Seminar 2024, organized by NABARD. The event, highlighting credit potential in PSL for the upcoming financial year, underscores the importance of collaborative planning and development initiatives. He congratulated NABARD for its diligent efforts in assessing credit potentials, particularly in agriculture and MSME sectors, aiming to foster economic growth in Arunachal Pradesh. He said, “NABARD is a valuable partner in the development journey of the State”. The State Government is committed to supporting such endeavours and looks forward to continued partnership with NABARD and stakeholders for the benefit of the state. He also thanked NABARD for their invitation and support, and we are optimistic about the positive outcomes of this collaborative effort."
The Chief Secretary mentioned that NABARD has done an excellent job. The banks and stakeholders need to engage in constructive collaborations to exploit the available potential.
"In his keynote address, Dr. Sharat Chauhan, Principal Secretary of Finance, Planning, and Investment indicated that as the Director of the NABARD’s Board, it is his responsibility to welcome all to the Seminar. He commended NABARD for promptly releasing the State Focus Paper 2024-25 and underscored the significance of credit planning for sustainable development. Dr. Chauhan highlighted NABARD's pivotal role in advancing rural development and urged stakeholders to prioritize sectors such as agriculture, MSMEs, education, housing, renewable energy, and informal credit delivery. He emphasized the importance of promoting education loans, noting the trend of students from the state pursuing higher education in fields like medicine and engineering outside the state. Additionally, Dr. Chauhan discussed the potential for growth in the housing sector and hydroelectric power within the state." Dr. Chauhan mentioned that NABARD has diligently worked to release the State Focus Paper well in time. He advised the participants to use the paper as a reference document and strive to remove the constraints in the process of credit flow.
Dr. Chauhan said NABARD’s initiatives cover all areas of the rural ecosystem of the State’s economy.
Vivek Pandey, Agri Production Commissioner, expressed his delight in participating in the State Credit Seminar organized by NABARD. He commended NABARD for issuing the State Focus Paper 2024-25 and emphasized the importance of Potential Linked Credit Plans (PLPs) in evaluating credit potential and limitations. Highlighting the crucial role of agriculture in Arunachal Pradesh's economy, he stressed the necessity for increased credit allocation to the sector. Pandey reiterated the government's commitment to modernizing farming practices and urged stakeholders to collaborate effectively to foster agricultural development. He praised NABARD's initiatives and urged for collective efforts to overcome obstacles impeding credit flow to rural sectors. Pandey advised banks to extend support to more farmers under Atma Nirbhar Schemes, where subsidies are provided by the state government.
"RBI's GM, Abhijit Majumdar, at the State Credit Seminar, lauded NABARD's efforts in releasing the State Focus Paper 2024-25 and highlighted India's economic resilience post-pandemic. Acknowledging NABARD's pivotal role in rural development, the GM emphasized the banking sector's robust performance and its support for economic growth. With Arunachal Pradesh's predominantly agricultural economy, NABARD's partnership in infrastructure development, livelihood creation, and climate change initiatives was commended. The seminar discussed credit potential and financial inclusion, underscoring the importance of smooth credit flow for the state's development.
Vikal Sharma, RM, SBI representing SLBC, shared updates on the current credit flow. He reported that as of December 2023, banks had achieved 84% of the Annual Credit Plan for 2023-24. Sharma requested assistance from the state government in recovering outstanding dues.
At the seminar, O.P Mounglang, DGM at NABARD, delivered a concise presentation on the state focus paper. It covered aspects like state profile, banking profile, CD Ratio, GLC flow, credit penetration in the state, challenges and opportunities. He presented the issues forbidding smooth credit flow under various sectors and sub-sectors of the rural economy in the State and enumerated the suggested actions to remedy them.
The presentation was followed by an open-house discussion. The participants engaged in discussion on major issues and representatives from civil society shared their experiences.
K.S. Guite, DGM at NABARD, concluded the session with a vote of thanks, expressing gratitude to all participants for contributing to the success of the state credit seminar.