NABARD pegs priority credit for Telangana at Rs 48K crore in financial year 2016

Hyderabad: National Bank for Agriculture and Rural Development (Nabard) today said the priority sector credit estimates for the newly formed Telangana state would be about Rs 48,176 crore for next financial year.

The estimates include crop loans (short term working capital) at Rs 25,780 crore, agriculture term loans at Rs 9,400 crore, loans to MSMEs at Rs 5,554 crore and other priority sector lendings at Rs 7,441 crore, Nabard Chief General Manager Jiji Mammen said during the State Credit seminar held here.

Mammen said the credit estimates is 19 per cent higher than the current fiscal, as he emphasised on focusing on investment credit leading to capital formation for a sustainable agricultural growth.

He also called for addressing critical gaps in infrastructure and support services after factoring in the policy initiatives of the Central government, Reserve Bank of India and Nabarad.

A detailed roadmap for investments in agriculture and rural development sectors that was finalised during the event is expected to serve as the basis for preparation of annual credit plan for the next fiscal.

Telangana finance minister E Rajender and irrigation minister T Harish Rao were among those who spoke at the seminar.