Nabard aid to Chhattisgarh reaches Rs 3,928 cr in FY17; 39% up from FY16

The rural sector financier had provided Rs 2,816 cr in FY16

The National Bank for Agriculture and Rural Development (NABARD)’s financial assistance to Chhattisgarh touched a new high of Rs 3,928 crore in FY17, 39% more than the support provided in FY16.
 

The bank had provided Rs 2,816 crore in FY16. “NABARD has committed a financial assistance of Rs 4,489 crore in Chhattisgarh for FY18 with an increase of 34% over the last the financial year,” N P Mohapatra, chief general manager of NABARD Chhattisgarh Region, said.

The state’s annual credit plan for FY17 was Rs 23,182 crore against which the ground level credit disbursed by various agencies in the state was Rs 19,887 crore. Based on the projections made by NABARD in its potential linked credit plans for FY18, the state’s annual credit plan for FY18 is Rs 27,825 crore.

“The share of term loans for agriculture in the total agriculture credit is low and needs to be enhanced for capital formation in the state,” Mohapatra said. The bank would be providing Rs 1,050 crore during FY18 under the Rural Infrastructure Development Fund (RIDF), he added.

Mohapatra announced that the bank would provide Rs 2,000 crore for paddy procurement in the state.

Of the key initiatives, NABARD would be supporting three major irrigation projects in the state that would bring additional 1,29,630 hectares of agriculture land under irrigation. The three projects include Kelo, Kharung and Maniyari with financial outlay of Rs 715 crore.
 

The state government and the NABARD had inked an agreement in March this year for supporting the three irrigation projects.