Agri credit disbursement hits Rs 19.28 trillion in first 3 quarters of FY25

The Finance Ministry on Friday said the Ground Level Agriculture Credit (GLC) has crossed Rs 19 lakh crore in nine months of the current fiscal as against the target of Rs 27.50 lakh crore for the entire FY25.

Against the target of Rs 27.50 lakh crore, agriculture credit to the tune of Rs 19.28 lakh crore has been disbursed as of December 31, 2024, registering 70 per cent achievement, the finance ministry said in a statement.

In order to boost the credit to the rural sector with the help of effective and hassle-free agriculture credit, the government has been fixing annual targets for GLC.

Over the past decade (2014-15 to 2023-24), agricultural credit disbursement has witnessed an average annual growth rate of more than 13 per cent, reflecting the increasing financial support extended to the sector.

In the financial year 2023-24, agricultural credit disbursement reached Rs 25.48 lakh crore.

For 2024-25 the Government of India has set GLC target of Rs 27.5 lakh crore with a dedicated sub-target of Rs 4.20 lakh crore for allied activities viz. dairy, poultry, sheep goat piggery, fisheries and animal husbandry-others.

This marks more than three-fold increase in Ground Level Credit (GLC) target, which has grown from Rs 8 lakh crore in FY 2014-15 to Rs 27.5 lakh crore in FY 2024-25.

This underscores the substantial progress made in agricultural and allied sector credit disbursement, highlighting the effectiveness of targeted credit policies in meeting sectoral demands.