Punjab Finance Minister Harpal Singh Cheema on Tuesdaysaid that the total credit potential for the priority sector for 2023-24 is projected at Rs 2.73 lakh crore which represents an overall growth of 5 percent over the projections for 2022-23.
Addressing the NABARD State Credit Seminar 2023-24, Cheema said that out of the aggregate credit plan, the share of Crop Loan is pegged at Rs 1.03 lakh crore (38%), Agriculture Term Loan at Rs 0.52 lakh crore (19%) and MSME at Rs 0.71 lakh crore (26%) and Other Priority Sector (OPS) at Rs 0.47 lakh crore (17%).
Releasing the State Focus Paper (SFP) 2023-24 and Unit Cost Booklet on this occasion, the Finance Minister said that NABARD has undertaken the exercise of assessing the potential for credit under the priority sector for each district in consultation and coordination with banks, Line departments of the State Government, farmers, NGOs and other stakeholders. These plans have been aggregated at the state level and SFP has been prepared which reflects the aggregate potential available under various subsectors of Priority Sector of the States economy. This is quite an elaborate exercise which will provide inputs and pointers to various stakeholders, he added.
Cheema added that it is a matter of satisfaction that the SFP emphasises on development of the cooperative sector, crop diversification, promotion of organic farming, development of the Farmers Producers Organization (FPOs), promotion of digital technological innovations in agriculture and Fintech, which will provide necessary fillip to inclusive growth and sustainable development in the State. He said that it is the need of the hour that these producer organizations are supported further within the agri-value chain system.