JK’s estimated credit potential for next FY is Rs 1, 36, 83.31 cr

JK’s estimated credit potential for next FY is Rs 1, 36, 83.31 cr

SRINAGAR: Estimated credit potential of Jammu and Kashmir for the financial year 2015-16 is Rs 1, 36, 83.31 crore, the government revealed in the State Focus Paper (SFP) released Monday.
The SFP was released by Governor N N Vohra during the State Credit Seminar held in Jammu organised by the National Bank for Agriculture and Rural Development (NABARD), an official handout issued here said.
“In the SFP, the total credit potential in the state for the Financial Year 2015-16 has been assessed at Rs 1, 36, 83.31 crore, which includes Rs 2,541.88 crore valuing Short Term Loans for Agriculture Production and Marketing, Rs 2,191.98 crore valuing Term Loan for Agriculture and allied activities, Rs. 4,317.80 crore for Micro & Small Enterprises sector, and Rs 4,631.65 crore for other priority sectors,” it said.
Emphasising the importance of securing improvement in achieving the loan disbursement related targets set for each sector of activity, Vohra suggested an “effectively-coordinated approach” by all the stakeholders and advised all the banks, particularly the Public Sector Banks, to extend “timely, adequate and hassle-free” credit to the farmers as per the potential identified in the SFP, it said.
He urged the state government to expedite the digitization of land records, urgently achieve cent per cent issue of Kissan Credit Cards, simplify the loaning procedures, it said.
The Governor advised the banks to ensure credit for the various sub-sectors including Irrigation, Horticulture, Floriculture, Dairy, Poultry, Agro Storage & Processing, Sheep Farming, Handlooms and Handicrafts activities for speeding up the economic development of the stat, it added.
Vohra emphasized the need for establishing the required infrastructure for achieving the balanced growth of rural sector, it said, adding that, for this purpose, he stressed the need of an integrated approach for developing the Agriculture and Allied sectors along with MSME units for maximizing production and productivity and achieving sustained growth of the rural economy.
He suggested the creation of adequate post-harvest facilities like godowns, cold storages, and processing facilities to help farmers realize better prices for their agriculture produce, it said.
The Governor highlighted the need for strengthening cooperative societies and Self Help Groups and role of financial institutions to meet the needs of the farmers, it added.

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