The State Focus Paper (SFP) 2023-24 for National Bank for Agriculture and Rural Development (NABARD), Manipur outlined a total credit potential of Rs 2,59,902.74 lakh for priority sector activities.
Of the total credit potential, the total credit potential estimated for agriculture is Rs 1,42,577.40 lakh, while for MSME and other priority sectors is Rs 71,302.52 lakh and Rs 46,022.82 lakh respectively.
The SFP was released by Governor La Ganesan during the inaugural of the Manipur State Credit Seminar of NABARD held on Thursday at Hotel Imphal in Imphal.
According to NABARD, the SFP will provide inter-alia, a comprehensive insight into the potential available in the state for development of priority sector, by ways of bringing out the sectoral requirement for financing by banks and identifies critical gaps in infrastructure and support services
It is mainly used by bankers, state governments and other agencies for shaping their planned efforts for development of the state.
Speaking on the occasion, Ganesan expressed satisfaction of witnessing that the paper projects the annual SFP of nearly Rs. 2,599.03 crore under priority sector. “Let us hope to achieve the target,” he added.
Acknowledging the mission of NABARD to promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology and institutional development for security prosperity, he said the role of NABARD is really commendable and praiseworthy.
The preparation and implementation of credit plan and developmental programmes based on the SFP 2023-24 will encourage and support a conducive environment for implementation of the National Financial Inclusion programme and bring about development in the state, he added.
Ganesan said priority sector lending and financial inclusion are the important priorities of the government with an objective to extend financial services to the large hitherto underserved population of the country to unlock its growth potential with the motto from “Jandhan to Jansuraksha.”
Expressing his concern about the existence of all unbanked blocks and towns in various districts, he stressed the need to put necessary efforts for early opening of bank branches in all these locations at the earliest possible.
General manager of NABARD, Manipur, N Guite informed that the projections made under SFP, 2023-24 would provide lead for bankers to channel credit to increase the ground level credit flow particularly to the agriculture sector.
It is certain that the SFP will serve as a roadmap for all stakeholders as they develop their plans for the pragmatic and efficient use of credit in the years to come, she added.
The programme was also attended by additional chief secretary P Vaiphei; DGM of RBI, Imphal T Lhungdim and convenor of State Level Bankers’ Committee, Imphal Hepuni Bismarck as presidium members.