Average monthly income of rural households marks 57.6% spike: NABARD
According to NABARD’s latest All India Rural Financial Inclusion Survey (NAFIS), the annual average nominal GDP growth during the same period was 9%.
In a step towards promoting credit penetration in Bihar, the National Bank for Agriculture and Rural Development (NABARD) has projected Rs 2,43,093 crore credit potential for the state in 2024-25.
The development has been taking into account the Reserve Bank of India’s priority sector-based guidelines, Central and state government policies and policies for sustainable agriculture and rural development.
The State Focus Paper 2024-25 for Bihar, a compilation of the assessed credit flow for all 38 districts of the state was unveiled by Development Commissioner Chaitanya Prasad at NABARD’s credit seminar.
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Notably, the total credit flow under the priority sector for the year 2024-25 is estimated at Rs 2,43,093 crore.
Prasad said that there is a need for credit intensification through specific planning for each of the sub-sectors under agriculture in the state. Credit plays an important role in economic development and employment generation in the state.
Arvind Kumar Chaudhary, Principal Secretary, Finance, said the CD ratio of the state has increased over the years. He expressed concern over the fact that Kisan Credit Card coverage in Bihar is still limited to 25 per cent land holding.
In a separate development, NABARD chairman Shaji K V said the bank will launch a Rs 1,000-crore fund to bolster technology-driven agri-startups and rural enterprises.
The fund will back startups facing challenges in scaling up their operations due to limited access to equity and debt instruments, and will seek to foster new linkages in the rural ecosystem, both forward and backward.
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