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Farm Credit Offtake Anticipated to Cross ₹27 Lakh Crore
Farm Credit to Surpass ₹27 Lakh Crore This Fiscal: NABARD Chairman
Farm credit is projected to exceed ₹27 lakh crore in the current fiscal year, fueled by robust double-digit growth in the sector, according to Shaji KV, Chairman of the National Bank for Agriculture and Rural Development (NABARD).
By September, lenders, including regional rural banks (RRBs) and rural cooperative banks (RCBs), had already disbursed ₹14 lakh crore in farm credit.
Shaji KV expressed optimism about rural consumption, predicting that growth in rural areas will outpace urban demand. He emphasized the need to transition from production-focused agriculture to processing agriculture, aiming to move individuals up the value chain and enhance rural incomes and productivity.
He highlighted that improving farmers’ productivity—through adequate credit, reliable electricity, and irrigation—will be crucial to making villages poverty-free.
While agriculture's contribution to GDP has remained between 12–14%, Shaji KV stressed the importance of increasing total agricultural production and per capita growth to boost the sector’s economic impact.
The ongoing formalization of rural credit is helping rural populations access affordable financing, further driving demand in these areas.
NABARD plans to invest nearly ₹1 lakh crore in rural infrastructure this fiscal, including contributions to the Rural Infrastructure Development Fund (RIDF). Additionally, the organization is digitizing cooperative societies, targeting the computerization of 67,000 societies by the end of the year.
World Food Business
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