SAYS, SFP PLAYS VITAL ROLE IN CHANNELING INVESTMENTS THAT STIMULATE PUNJAB'S RURAL ECONOMY, PAPER OUTLINES GROWTH PROJECTIONS AND INVESTMENT OPPORTUNITIES
Face2News/Chandigarh
The Punjab Finance Minister Advocate Harpal Singh Cheema on Friday released the State Focus Paper (SFP) 2024-25 of National Bank for Agriculture and Rural Development (NABARD) during the ‘State Credit Seminar’ organised by NABARD here. The SFP projected a total credit potential of Rs. 243606.43 crores for the priority sectors within Punjab in the fiscal year 2024-25.
Addressing the seminar, the Finance Minister Harpal Singh Cheema underscored the Chief Minister Bhagwant Singh Mann led Punjab Government's commitment to working collaboratively with NABARD and other stakeholders to realize the full potential of Punjab's agriculture and rural sectors. “We are determined to create an enabling environment for investment and ensure the benefits of these projects reach the grassroots level”, said Cheema.
Emphasizing the SFP's role as a vital roadmap for channeling investments that stimulate Punjab's rural economy, the Finance Minister said that the SFP provides a comprehensive assessment of the state's potential for agricultural and rural development, highlighting priority sectors for investment and credit flow. “It is quite satisfactory that out of the aggregate credit plan, the share of agriculture credit potential is pegged at Rs 118445.86 crore (48.62%) including crop loan Rs 69393.35 crore (28.49%), Agriculture Term Loan at Rs 24526.61 crore (19%), while projecting credit potential of 80724.34 crore (33.14%) for MSME”, he added.
The Finance Minister appreciated NABARD’s assistance, since its inception, in the development of Punjab. He raised concern on depleting ground water in the state and appealed for addressing the issue through crop diversification initiatives, adoption of micro irrigation technologies and collaboration with stakeholders. He called upon the stakeholders to take leads from the SFP for the overall development of the state. The Finance Minister said that the SFP would help in guiding banks and other financial institutions towards key areas, aligning their priorities with the state's developmental goals.
Meanwhile, the Finance Minister felicitated FPOs, SHGs, JLGs and Banks for their outstanding performance in their respective fields. A walkthrough exhibition highlighting the field interventions of NABARD was organized on this occasion. The Finance Minister interacted with the beneficiaries of various schemes of NABARD and lauded their efforts.
Earlier, addressing the seminar, the Chief General Manager of NABARD Punjab Regional Office Raghunath B. emphasized their continued support for Punjab's development endeavors, reiterating NABARD's role in channeling resources and expertise to accelerate the state's rural transformation.
Diprava Lakra, Secretary Finance, Devinder Singh, MD, PStCB, Dr. Inderjeet Singh, VC, GADVASU, Savita Verma, DGM, RBI Chandigarh, G.K.Negi, Chairman, Punjab Gramin Bank and other representatives from line departments, banks, agriculture universities participated in the seminar.
