Nabard pegs priority sector lending for Andhra Pradesh at Rs 1.22 lakh crore

VIJAYAWADA: The National Bank for Agriculture and Rural Development ( Nabard) today pegged priority sector lending for Andhra Pradesh at Rs 1.22 lakh crore for the next financial year.

A seminar on ' State Credit Plan' was conducted by Nabard with Bankers and agricultural officers here with the theme 'accelerating the pace of capital formation in agriculture'.

"Out of the total credit of Rs 78,000 crore projected for agriculture, Rs 55,300 crore would be for crop production, while Rs 23,500 crore for agricultural allied sectors. The credit plan also includes Rs 18,800 crore for MSMEs and the remaining Rs 24,000 crore for other priority sectors," Nabard said in an official release.

Nabard Chief General Manager Harish Java said the central agency will work with the State Government to ensure its overall development.

In order to supplement the process of capital formation, Nabard has also taken up some initiatives, which include sanctioning of Rs 42 crore to a mega aqua food park at Bhimavaram in the state.

Java further said Nabard has identified 24 schemes with a total financial assistance of Rs 240 crore for dairy and fisheries for the year 2016-17.

He said that financial assistance was given for the construction of 83 lakh metric ton-capacity warehouses in the state by private organisations.

A total of Rs 17,148 crore has been sanctioned to support the rural infrastructure projects in the State, Java added.