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The National Bank for Agriculture and Rural Development (NABARD) has projected Odisha's credit potential for the financial year 2023-24 at Rs 1,60,280.30 crore, officials said here on Wednesday.

The credit project for the year 2023-24 is 19.02 per cent higher than the previous year's credit estimation of Rs 1,34,665 crore, as per NABARD's State Focus Paper for the year 2023-24 released on Wednesday.

Of the total credit potential for the priority sector, an amount of Rs 58,776.16 crore has been assessed under the agriculture sector.

The agriculture sector constitutes around 36.67 per cent of the total priority sector, of which Rs 53,323.04 crore (90.72 per cent) is estimated under farm credit, which comprises both crop loans and term loans for agriculture and allied activities.

Besides, credit potential under agriculture infrastructure and ancillary activities has been estimated at Rs 2,112.51 crore and Rs 3340.61 crore, respectively.

Credit potential under the MSME sector has been assessed at Rs 72297.90 crore, constituting around 45.10 per cent of the total priority sector. Other sectors consisting of export credit, education, housing, renewable energy, others and social infrastructure have around 18.23 percent share in the total credit potential under priority sector.

While assessing the projected credit potential under various sectors and sub sectors in the State, the State Focus Paper indicates the critical infrastructure gaps and makes suggestions with a view to overcome the constraints.

NABARD chief general manager, C. Udayabhaskar said that NABARD has been increasing its support for Odisha 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.

He stressed upon the need for increasing the area under irrigation and expansion of Rabi crops.

Attending the event, Finance Minister Niranjan Pujari emphasised upon the need for increasing the bank credit for priority sector in Odisha as the government too has been actively supporting through various schemes like Balaram, Kalia, Samrudhi, Millet Mission, Farmers Producers Organisations (FPOs) etc.

It is time for banks to increase the credit flow for private capital formation substantially in the state, he said.

The state government has been creating the enabling infrastructure and investment in the state for effective growth in the agriculture sector and banks have to provide credit for the economic benefits to farmers, Pujari said.

He urged bankers to come forward to finance value chains, innovative new-age projects for furthering the development of the agriculture sector and increasing the income of farmers.

State development commissioner P.K. Jena 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.