Updated February 15th, 2024 at 18:03 IST

Gujarat's credit potential at Rs 3.53 lakh crore for 2024-25: NABARD

More than just a financial projection, the 'State Focus Paper' goes beyond by proposing tactical approaches to boost credit absorption.

Reported by: Business Desk
Agriculture | Image:Pexels
Advertisement

Gujarat credit potential: Gujarat is set to unlock a credit potential of a staggering Rs 3.53 lakh crore, the recent report by the National Bank for Agriculture and Rural Development (NABARD) stated on Thursday. The much-anticipated 'State Focus Paper 2024-25' was unveiled in Gandhinagar.

NABARD's strategic analysis outlines the credit potential allocation for Gujarat, with a substantial Rs 1.42 lakh crore (40 per cent) earmarked for agriculture and allied sectors, Rs 1.80 lakh crore (51 per cent) for the MSME sector, and the remaining 9 per cent directed towards other priority sectors, according to the official release.

Advertisement

More than just a financial projection, the 'State Focus Paper' goes beyond by proposing tactical approaches to boost credit absorption. This includes fostering strategic partnerships and recommending policy interventions to fortify Gujarat's economic landscape.

Chief Secretary Raj Kumar, at the event, called on bankers to view farmers through the lens of small business enterprises. He emphasized the necessity to elevate credit support to farmers, recognizing and empowering their entrepreneurial prowess. 

Advertisement

Kumar reiterated the state government's unwavering support to NABARD and advocated for a synchronized effort between the bank's developmental initiatives and government schemes, aimed at expanding farmers' market reach both domestically and internationally.

AK Rakesh, Additional Chief Secretary of the state Agriculture, Farmers Welfare, and Co-Operation department, urged bankers to actively work towards realizing the projected credit potential of Rs 3.53 lakh crore for the upcoming financial year, emphasizing the need for collaborative efforts. 

Advertisement

NABARD's Chief General Manager (Gujarat RO), BK Singhal, stressed a targeted approach to address disparities in agricultural credit, calling for a cohesive strategy involving NABARD, the state government, and bankers.

Advertisement

Published February 15th, 2024 at 18:03 IST