NABARD has assessed the credit potential of Rs.2,58,598crore under Priority sector for banks in the State of Madhya Pradesh for the year 2023-24, which is about 6% higher than the previous year.
JagdishDevda, Finance Minister, Government of Madhya Pradesh released the State Focus Paper for the year 2023-24during the "State Credit Seminar" organized by NABARD in the auditorium of Hotel Taj, Bhopal on 24 January 2023.
A document published by NABARD on the role of agricultural credit and its key issue for Madhya Pradesh to achieve the $ 550 billion economy to help achieve India’s $ 5 trillion economy was also released. Neeraj Nigam, Regional Director, Reserve Bank , India, Bhopal; Nirupam Mehrotra, Chief General Manager, NABARD, Binod Kumar Mishra, Chief General Manager, State Bank, Tarsem Singh Zira, SLBC Convenor, Ajit Kesri, Additional Chief Secretary, JN Kansotia, Additional Chief Secretary, Ashok Barnwal, Additional Chief Secretary, and prominent bank officers of the state participated in the seminar. Finance Minister Dewda appreciated the work done by NABARD to increase the economy of the state and called upon the representatives of banks and state government to work together so that the rural and agricultural sector of the state can be developed. Therefore, the state government, NABARD, RBI and all banks are expected to play a positive role in the all-round development of Madhya Pradesh.
He said that the potential estimated by the NABARD can be suitably incorporated in the credit plans of the banks in the coming year. This will help in bringing farmers, women, unemployed youth and young women and entrepreneurs into the mainstream of development.
The Government of Madhya Pradesh is committed to agriculture and rural development and will provide all necessary assistance for this. Nirupam Mehrotra, Chief General Manager, NABARD highlighted the potential for growth in agriculture and various related sectors and informed that the total potential available for financing through bank credit for the year 2023-24 is estimated at Rs. 2,58,598 crore, which is 6.43% higher than the estimates of 2022-23 (Rs 2,42,967 crore). Sustainable agriculture, increase in farmer's income, creation of capital formation in agriculture, focus on development of agriculture related activities are other important underlying grounds in the prospective assessment for FY 2023-24.
The credit potential of the priority sector projected in this document, will certainly be a useful guide for banks in formulating their annual credit plans for the year 2023-24 and will, accelerate the development of the state by creating an environment conducive to appropriate decisions and policies by the state government, policy makers and stakeholders.
With all these efforts, the state of Madhya Pradesh can be made a $ 550 billion economy.The occasion was also utilised to felicitate various Banks for their work in the areas of self-help groups, financial literacy, promotion of farmer producer groups etc.
As part of celebrating International Year of Millets-2023, a millet pavilion was established. Different types of millets cultivated in the State and its importance was showcased in the pavilion along with the live samples and its products. A brochure on highlighting “NABARD’s initiatives in promoting millets in MP” was released. Ajit Kesri, ACS, Finance highlighted the expectations from the bankers in channelising the credit flow. He said that in addition to financing crop production banks should also focus on financing to processing and value addition sector.