Punjab Finance Minister Unveils NABARD’s State Focus Paper 2024-25, Credits Rural Economy Stimulus

Punjab Finance Minister Unveils NABARD’s State Focus Paper 2024-25, Credits Rural Economy Stimulus

Meta Description: Advocate Harpal Singh Cheema releases NABARD’s State Focus Paper for FY 2024-25, highlighting a credit potential of Rs. 243606 crore for Punjab’s priority sectors. Learn how the paper outlines growth projections and investment opportunities, emphasizing collaborative efforts for rural development.

Content:

Punjab’s Finance Minister, Advocate Harpal Singh Cheema, unveiled NABARD’s State Focus Paper (SFP) 2024-25 during the State Credit Seminar, emphasizing its role in driving investments to energize the rural economy. With a projected credit potential of Rs. 243606.43 crore for priority sectors in Punjab for the fiscal year 2024-25, the SFP charts a path for agricultural and rural development.

Cheema underscored the Punjab Government’s commitment, led by Chief Minister Bhagwant Singh Mann, to collaborate with NABARD and stakeholders to maximize Punjab’s agricultural and rural sector potential. He stressed creating an enabling environment for investments, ensuring their benefits trickle down to grassroots levels.

Highlighting the SFP’s significance in channeling investments, Cheema noted its comprehensive assessment of Punjab’s development potential, identifying priority sectors for investment and credit flow. Agriculture credit potential stands at Rs. 118445.86 crore (48.62%), including Rs. 69393.35 crore for crop loans and Rs. 24526.61 crore for Agriculture Term Loans. Additionally, a credit potential of Rs. 80724.34 crore (33.14%) is projected for MSMEs.

Cheema appreciated NABARD’s longstanding support in Punjab’s development, urging action on issues like groundwater depletion through crop diversification and micro irrigation technologies. He called upon stakeholders to align their efforts with SFP priorities for holistic state development.

The seminar also recognized outstanding performances of FPOs, SHGs, JLGs, and banks. A walkthrough exhibition showcasing NABARD’s interventions highlighted beneficiaries’ efforts, commended by the Finance Minister.

NABARD’s Chief General Manager, Raghunath B., reiterated the organization’s commitment to Punjab’s rural transformation, pledging continued support in resource allocation and expertise.

The seminar saw participation from various line departments, banks, and agriculture universities, emphasizing collaborative efforts towards Punjab’s rural and agricultural advancement.

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