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Villupuram District Collector D. Mohan and officials of NABARD and Indian Bank at the recent launch of the Potential Linked Credit Plan 2023-24 for Villupuram district.
| Photo Credit: Special Arrangement
The National Bank for Agriculture and Rural Development (NABARD) has pegged the Potential Linked Credit Plan (PLP) for Villupuram district at ₹7,357.65 crore for the year 2023-24.
The projected credit potential for the priority sectors of the district for 2023-24 is about 8% more than the previous year’s estimated credit flow potential and is about 15.67% higher than the current year’s Annual Credit Plan (ACP) target.
The PLP will be the reference for the preparation of the ACP by Indian Bank, the lead bank of the district, for determining sector-wise lending priorities.
District Collector D. Mohan recently released the PLP at a meeting.
The Collector, while appreciating the support rendered by the banks, also advised them to strive to achieve the targets fixed by the lead bank against the ground-level credit potential estimated in the PLP. Apart from agriculture sector investments, loans to the MSMEs, education and housing sectors must be disbursed without any undue delay.
As the credit plan for the district is a time-bound programme, the quarterly achievement of the ground level credit could be reviewed at the BLBC and DCC fora to ensure the achievement of the estimated credit potentials, the Collector said.
As agriculture and rural development is a multi-disciplinary subject, a coordinated approach of all the stakeholders — bankers, government departments, research institutes, NGOs and farmers — in the district can help achieve the credit potential estimated in the PLP and thereby achieving the capital formation in agriculture and allied areas.
K. Balamurugan, District Development Manager, NABARD highlighted the salient features of the PLP during the meeting.
According to a press release from NABARD, the credit requirement for the crop production activities likely to be taken up during the next financial year has been estimated at ₹3,434.52 crore. The estimation of the crop loan has been done based on the scale of financing of crops and their prospective area of cultivation during the next year.
Considering the need for promoting the capital formation in agriculture and allied sectors, an overall credit potential of ₹1,389.35 crore has been estimated for term loan towards agriculture. The credit for agri infrastructure and ancillary activities was estimated as ₹779.44 crore. Thus, a total of ₹5,603.31 crore has been estimated towards agriculture credit.
NABARD underscored the importance of creating awareness on various investment opportunities in agriculture and allied areas like farm mechanisation, dairy farming, sheep/goat farming, poultry, etc. by the concerned departments to realize the estimated potential. Besides, it is important to promote sustainable agriculture by encouraging creation of rainwater harvesting structures, water saving devices like drip and sprinkler systems.
Keeping in view the government’s priority to the MSME sector, a credit potential of ₹680.54 crore has been estimated to accelerate the growth of MSME sector in the district. The credit potential for Other Priority Sector has been estimated as ₹1,073.80 crore, NABARD said.
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