The National Bank for Agriculture and Rural Development (Nabard) has estimated potential rural credit Plan outlay of Rs 1,43,406 crore for Uttar Pradesh during 2015-16.
The projected outlay is 18 per cent higher as compared with the corresponding figure this financial year.
The Plan proposes outlay of Rs 1,04,056 crore for agriculture, Rs 18,512 crore for micro, small and medium enterprise sector and Rs 20,837 crore for sectors such as education, rural housing and transport in rural regions.
The Plan was unveiled in the 'State Focus Paper 2015-16 of Uttar Pradesh' released by Chief Secretary Alok Ranjan at the state credit seminar hosted by Nabard here recently.
Commenting on 'Accelerating the pace of capital formation in agriculture and allied sectors', Ranjan said there was a need for an increase in investment for accelerating the pace of capital formation in agriculture.
He highlighted the initiatives of the state needing support of bank finance that were reflected in the state agriculture policy, horticulture and food processing policy, potato policy and state policy on bio-energy and renewable energy.
Ranjan stressed the need to encourage the younger generation for taking up agriculture ventures by simplifying norms for bank finances.
Nabard General Manager K K Gupta emphasised the importance of capital formation for the state's economy, especially agriculture & allied sector. He discussed some action plans for all stakeholders, particularly the banks.
He suggested for greater support of the state government in facilitating larger credit flow to rural sector and urged for appropriate integration of banks' credit plan with the government's development plan by way of appropriate sectoral allocation in the state Budget.
Further, he said the credit estimates could serve as the basis for preparing annual credit plan for the state.
