NABARD unveils Credit Potential of Rs 37446.04 cr for J&K’s priority sectors in 2024-25

JAMMU, JANUARY 11: In a significant stride towards fostering inclusive growth and rural development, the National Bank for Agriculture and Rural Development (NABARD) , Jammu and Kashmir, has projected an estimated credit potential of Rs. 37446.04 crore under the priority sector for the Union Territory (UT) of Jammu and Kashmir for 2024-25.

This was announced during the UT Credit Seminar hosted by NABARD here today. The UT focus paper was launched in the seminar.

The event was attended by Dr. Shahid Iqbal Choudhary, Secretary, Rural Development and Panchayati Raj, Baldev Prakash, MD, J&K Bank, Dr. B.N. Tripathi, VC -SKUAST, Jammu, Sandeep Mittal, General Manager, RBI, Ajay Kumar Jha, General Manager, SBI and officers of line departments and other distinguished dignitaries.

Shahid Iqbal Choudhary, while addressing the event, commended NABARD in finalizing the Union Territory’s focus paper for 2024-25 and highlighted suggestions in the presentations, as given by NABARD. He urged upon all stakeholders to synergize their endeavors for collectively realizing the credit potential outlined in the UT Focus Paper for the fiscal year 2024-25.

Bhallamudi Sridhar, Chief General Manager (CGM), NABARD, Jammu & Kashmir, highlighted the pivotal role of NABARD in development of Jammu and Kashmir. In his address, CGM, NABARD emphasized on the need to boost priority sector credit through meticulous planning, credit delivery, monitoring and collaboration with diverse stakeholders.

“The focus of NABARD will be on community-based business entities like Farmer Producer Organizations (FPOs), cooperatives, SHG federations etc. Similarly, harnessing the potential of horticulture crops such as Walnut, Saffron and Apple through area expansion and productivity improvement will be of special significance and focus area for NABARD”, he added.

Sridhar assured that efforts will be directed towards creating a conducive ecosystem for promotion of Handloom and Handicraft products through Off-Farm Producers Organizations (OFPOs), Marketing Assistance, and Geographic Indication (GI) registration. He said that the Primary Agriculture Credit Societies (PACS) are being computerized on priority basis and efforts are on for their transformation to multifunctional societies.

A presentation was given by the CGM on the issues, challenges and status of KCC disbursement across the 20 districts of UTs. The presentation was based on the primary data collected by the NABARD officers from 5000 farmers in 175 blocks of 20 districts.

Anamika, General Manager, NABARD, Jammu & Kashmir, made a presentation on the trends in ground level credit flow in priority sector and the potential estimated by NABARD in 2024-25. She also highlighted the priorities for rural development to be emphasized by the NABARD in 2024-25.

On the occasion, Shahid Iqbal Choudhary also released a compendium titled “NABARD’s Intervention on the Field” along with a booklet titled “Indicative Unit Cost for Investment in Agriculture and Allied Activities for 2023-24”.

Sandeep Sharma, General Manager, NABARD, presented vote of thanks and assured that with support and cooperation of UT Government and all other stakeholders, NABARD will strive to achieve the set targets.