Urgent Directive: Finance Ministry Empowers Banks to Boost Loan Support for Vital Agri-Allied Ventures

The Finance Ministry of India has urged public sector banks to boost credit availability for animal husbandry, dairying, and fisheries to meet financial year targets. This directive follows a high-level review meeting led by M. Nagaraju, Secretary of the Department of Financial Services, attended by officials from public sector banks, NABARD, and state authorities. The meeting emphasized the pivotal role of the allied agricultural sectors in fostering rural employment and highlighted regional disparities in credit disbursement. Nagaraju called for regional level meetings to enhance credit flow and urged NABARD to collaborate with state departments to identify and support fish farmers through the KCC scheme.

The Union Budget for 2024-25 reflects the government’s commitment to rural development by significantly increasing allocations to these sectors. The Department of Fisheries, in particular, saw its budget rise by 54% to ₹2,616.44 crore. A substantial portion, ₹2,352 crore, is earmarked for the Pradhan Mantri Matsya Sampada Yojana (PMMSY), marking a 56% increase from the previous fiscal year’s allocation. This initiative aims to support over 30 million people, primarily from marginalized communities.

Further plans include the establishment of a Nucleus Breeding Centre (NBC) network to produce high-quality shrimp broodstocks, enhancing genetic quality and reducing import dependency. NABARD will facilitate financing for shrimp farming, processing, and export activities. These budgetary boosts and strategic initiatives underline the government’s focus on enhancing rural incomes through sustainable development in the animal husbandry and fisheries sectors.

Original Story https://assamtribune.com/business/finance-ministry-tells-banks-to-give-more-loans-for-agri-allied-activities-1557101
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Publish Date: 2024-11-06 15:21:00