NABARD estimates credit potential of Odisha at Rs 1,60,280 crore for 2023-24

NABARD conducted the State Credit Seminar for 2023-24 on 14 December 2022, in which the State Focus Paper for Odisha was released, projecting an overall credit potential under Priority Sector at Rs.1,60,280 crore for the year 2023-24.

The seminar was inaugurated by Niranjan Pujari, Finance Minister, Government of Odisha and attended by S PK Jena, IAS, Development Commissioner cum Add. Chief Secretary and Agriculture Production Commissioner; Vishal Kumar Dev IAS, Principal Secretary, Finance; H N Panda, Regional Director, RBI; Goutam Patra, Convenor, SLBC; controlling Heads of Banks, Lead District Managers(LDMs), and other dignitaries from banking and State Government departments.  

C Udayabhaskar CGM NABARD viewed that, concerted efforts need to be made for increasing the credit flow to priority sector and agriculture and allied sector in particular. He revealed NABARD has set the priority sector target for 2023-24 at 19% higher than that of 2022-23.

He stressed upon need for increasing the area under irrigation and expansion of Rabi crops. He said that NABARD has been increasing its support for Odisha State under the rural infrastructure development, tribal development, watershed development and micro entrepreneurship development among SHG women and other developmental activities leading to growth in the rural livelihood.

Inaugurating the seminar, Niranjan Pujari, Finance Minister, Govt. of Odisha and the Chief Guest on this occasion, congratulated NABARD for completing the Credit planning exercise on time and emphasized upon the need for increasing the Bank credit for Priority sector in Odisha as Govt too has been actively supporting through various schemes like Balaram, Kalia, Samrudhi, Millet Mission, FPOs etc and it is time for Banks to increase the credit flow for private capital formation substantially in the State. Govt has been creating the enabling infrastructure and investment in the state for effective growth in agriculture sector and Banks have to provide credit for the economic benefits to percolate to farmers. He urged bankers to come forward to finance value chains, innovative new-age projects for furthering the development of agriculture sector and increasing the income of farmers.

PK Jena, IAS, Development Commissioner-cum-Additional Chief Secretary and Agriculture Production Commissioner said that Odisha has been growing faster and better and Banks have to improve the quality of lending. He advised all Stakeholders that efforts have to be put to achieve the current year targets.

He said demand need to be created at grass roots level and KCC needs to be broad based to support allied activities. He also said that start-ups also need credit and Banks have to come forward. He said that the allied sectors such as dairy, goatery, fisheries, etc, have tremendous potential in the State and Banks have to increase the credit flow to the sector.

Vishal Kumar Dev, IAS, Principal Secretary, Finance Department said that the credit flow from Banks to the priority sector in Odisha needs lot of urgent improvement and attention. He called for removal of regional disparity in the State in terms of financial services and coordinated efforts for paving way for sustained development. He asked all Banks to achieve the set targets and increase the bar.  He advised banks and line departments to introspect, revisit the strategies required for upscaling the credit flow and for removing the operational impediments in the growth of credit to the priority sector.

Regional Director, RBI, HN Panda stressed upon the importance of bringing low CD ratio districts out of the frame and advised banks to expand credit dispensation. He asked Banks to be aspirational as Odisha is a growing and an aspirational state should be having the highest CD ratio in the eastern region of the country. He also stressed upon the need for aggressive penetration of banking services into the unbanked areas.

Goutam Patra, Convenor, SLBC deliberated on the usefulness of credit planning document and urged bankers to collaborate with various Stakeholders to achieve the target set under Annual Credit Plan (ACP) 2022-23.

During the occasion a book “Pratidhvani” highlighting the successful interventions of NABARD in various districts was released. Further, FPO loan mela, targeting to credit link 100 FPOs in 100 days was launched through NABKISAN, a subsidiary of NABARD. Five FPOs were handed over the sanction letter of NABKISAN loan.   

Participants were apprised about NABARD’s initiative of “Beyond Paddy”, a project on crop diversification in Odisha.