Odisha can borrow Rs 2 lakh cr in FY25: NABARD

Bhubaneswar: The National Bank for Agriculture and Rural Development (NABARD) projected a credit potential of Rs 2 lakh crore for Odisha for the 2024-25 fiscal, a rise of 25.19 per cent from the year-ago period. During a State credit meeting on Tuesday, a State Focus Paper prepared by NABARD was released, officials said. ‘’NABARD projects an overall credit potential under the priority sector at Rs 2,00,608 crore for the year 2024-25, which is an increase of 25.19 per cent over the previous year (2023-24),’’ a statement said.

The NABARD had projected an overall credit potential of Rs 1,60,280 crore for 2023-24.

The credit potential for agriculture and allied activities is estimated at Rs 73,975.84 crore, the statement said.

NABARD’s Chief General Manager Sudhanshu K K Mishra said concerted efforts were required to achieve the targets for the current year and increase the credit flow to the priority sector in Odisha. He said NABARD would make all efforts to work with the State government for the development of Odisha.

State Development Commissioner Anu Garg said NABARD has been a major partner of the State government in the implementation and creation of rural infrastructures and scaling up their operation.

Finance Secretary Vishal Kumar Dev said the credit flow from banks to the priority sector in Odisha has been good so far, but it still needs a lot of urgent improvement and attention as the credit plan for the State should be about 40 per cent of the GSDP, which is around Rs 3.50 lakh crore.

RBI’s Regional Director S P Mohanty advised banks to expand their horizon apart from achieving the credit target set for the upcoming financial year.