CHANDIGARH: NABARD, Punjab Regional Office, Chandigarh organized the State Credit Seminar 2022-23. KAP Sinha, Additional Chief Secretary (Finance) Punjab, who was the chief guest, highlighted the efforts initiated by the government of Punjab for the promotion of sustainable development of agriculture viz. allocation of 10.9% of proposed expenditure to be incurred in FY 2021-22 towards agriculture and allied activities and 2.2% towards the rural development sector.
Sinha dwelled upon the fact that the capital expenditure of GoP has increased from Rs 2200 Crore to more than Rs 8000 Crores within the last few years. He also lauded NABARD for significant contribution towards capital formation in rural and agriculture sectors.
Unit Cost booklet for Farm Sector Activities in Punjab was also unveiled at the Seminar. Sinha emphasized that the banks should utilize it for financing the bankable projects.
Dr Rajiv Siwach, CGM, NABARD, Punjab in his inaugural address, informed the house that under priority sector, NABARD has projected credit potential of Rs 2.61 lakh crore for FY 2022-23 for the state. Dr Siwach informed the house that agriculture has provided a necessary cushion to the economy during the pandemic. He also threw light on NABARD’s interventions for diversification and resilient agriculture systems with projects on diversification through vegetables in Abohar, Project on Direct Seeding of Rice using Tar Wattar technology with PAU, Reclamation of Alkaline Soil with CSSRI, Karnal and Climate Resilient Livestock Production System under NAFCC. He also informed the house that Rs 700 Crore have been disbursed under RIDF during FY 2021-22 up from Rs 300 Crore during FY 2019-20 resonating with the increased planned capital expenditure of more than Rs 14,000 Crore by government of Punjab in 2021-22.
M K Mall, Regional Director, RBI, highlighted the need for thrust on renewable energy, education and financial literacy. He also advised the banks to look up to MSMEs as they are major contributors to employment and exports which are interlinked to agriculture and rural development.
At the seminar NABARD also felicitated the best implementing departments, banks, FPOs, Cooperatives, SHGs. Exhibition stalls were also set up by FPOs and SHGs at the seminar which were well appreciated by all the dignitaries.