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LATEST NEWS UPDATES | Rs.98,679 cr. for priority sector lending in AP

Rs.98,679 cr. for priority sector lending in AP

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published Published on Feb 7, 2015   modified Modified on Feb 7, 2015
-The Hindu

Hyderabad: The credit plan estimate for 2015-16 for priority sector lending in Andhra Pradesh has been put at Rs.98,679 crore by the National Bank for Agriculture and Rural Development, 27 per cent higher than State's credit plan for 2014-15.

The plan estimate was unveiled here on Thursday at a State Credit Seminar, which was attended by Chief Minister N. Chandrababu Naidu, Agriculture Minister P. Pulla Rao and Chief Secretary I.Y.R. Krishna Rao, among others.

Chief General Manager, NABARD, Jiji Mammen said the credit potential includes crop loans at Rs.50,979 crore, agricultural term loans at Rs.18, 570 crore, loans to micro small and medium enterprises sector at Rs.11,997 crore and loans to other priority sector at Rs.17,133 crore. He called for focus on investment credit leading to capital formation for sustainable agricultural growth.

Mr. Chandrababu Naidu said the government fixed a growth rate of 20-25 per cent for agriculture and allied sectors for 2015-16 as against 11.32 per cent for this year and national average of 3.55 per cent.

He expressed confidence that the growth rate could be achieved by improving productivity and irrigation.

Referring to the problem of debt crisis among farmers, he urged bankers to come out with suggestions.

Quoting National Sample Survey Organisation (NSSO) data, he said 91 per cent of farmers in the State were facing debt crisis as against 51 per cent of national average. Mr. Chandrababu Naidu stressed the need to study the reasons behind the debt crisis and address them.

The focus for the current year's credit projections is "Accelerating the pace of capital formation in agriculture and allied sectors" with the objective of giving thrust to investment credit for sustainable agriculture development in the State.

The thrust areas for development include minor irrigation, dairy, poultry, investment in marine and inland fisheries, horticulture, floriculture and cold storage among others.


The Hindu, 6 February, 2015, http://www.thehindu.com/news/national/andhra-pradesh/rs98679-cr-for-priority-sector-lending-in-ap/article6862886.ece?homepage=true&ref=tpnews


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