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The Annual Credit Plan 2019-20 for Karnataka is projected at ₹ 2,34,562.65 crore, a 16 per cent higher over last year’s projections.
The plan, prepared by NABARD was released at the annual State Credit Seminar involving the Karnataka Government and State Level Bankers’ Committee (SLBC) on Tuesday.
The state focus paper was released by Karnataka Chief Secretary T M Vijay Bhaskar. Credit potential for agriculture is ₹ 1,40,151 crore, a 59 per cent of total projection. Its main components are: crop loan ₹ 81,565 crore, water resources ₹ 5,774 crore, Plantation and Horticulture ₹ 7,276 crore, and Dairy development ₹ 5,582 crore.
The credit plan has also emphasised on area specific ‘Sustainable Agricultural Practices’ which need to be evolved and promoted as they can mitigate climate change effects.
Farmer Producers Organisation (FPO) is also given importance as it can play a major role in consolidation, aggregation and can promote efficient market linkage.
P V S Suryakumar, apprised the state officials about various business and developmental initiatives of NABARD namely; refinance, infrastructure funding under Rural Infrastructure Development Fund (RIDF); Dairy Infrastructure Development Fund (DIDF), FPO formation; nurturing, E-Shakti project for digitization of SHGs and solicited co-operation from all stake holders; state government, banks, NGOs and research institutions.
Vijay Bhaskar, welcomed the NABARD’s State Focus Paper 2019-20 and said it gives an overview of credit requirement by different segments of the economy in the state and wished the projection made will become real on the ground.
He further highlighted that the banks aligned their credit programs with various schemes of Karnataka government for the welfare of the farmers. He mentioned that the Karnataka will make use of this document by constituting small groups comprising of government officials and bankers under the chairmanship of the additional chief secretaries (ACS) to develop action plans.
The State Credit Seminar 2019-20 seminar was organised by NABARD’s Karnataka Regional Office. In addition to Vijay Bhaskar, Chief Secretary, it was attended by Vandita Sharma, Additional Chief Secretary and Development Commissioner, I S N Prasad, ACS-Finance, Secretaries and senior executives from public and private sector banks.
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