Micro, Small and Medium Enterprises (MSMEs) in Goa, may get better funding from banks in 2016-17 with the NABARD estimating huge scope of lending to the sector. On 19th January NABARD announced the potential credit plan for banks for 2016-17 with MSMEs getting the lion’s share of credit for the year.
Total priority sector bank credit for 2016-17 is projected at Rs 6,093.89 crore, of which 48 per cent is assigned to MSMES, 14 per cent to agriculture and remaining 38 per cent to other priority sector. The large chunk of credit projected for MSMEs is in line with ‘Make in India’ perspective of the government and also to encourage MSMEs in rural sectors, said B B Sethi, General Manager, NABARD.
The state credit seminar was held in Panjim with NABARD announcing the State Focus Paper (SFP) for next year. A positive finding of the SFP was significant improvement in private sector banks in priority sector lending. On the other hand credit flow to weaker section is below the RBI bench mark revealed the SFP. The paper stressed in increased bank lending to sectors such as fisheries, dairy, floriculture and horticulture.
R K Srivastava, Chief Secretary, Goa was the chief guest for the occasion where banking industry stakeholders were present in full force. S Ramaswamy, Regional Director, RBI, delivered the keynote address and the seminar was attended by Plaban Mohanta, Deputy General Manager, SBI, Meenakshi Gad, Joint Secretary (finance), N P Singh, Director, ICAR, representatives of public, private and co-operative banks.
Goa’s credit potential for 2016-17 at Rs 6,093.89 crore is 21 per cent higher than the current year’s annual credit plan (ACP) size of Rs 5,037.42 crore. As on September 2015 about 53 per cent of the 2015-16 ACP is achieved according to lead bank SBI. NABARD’s focus in the coming year will be to further popularize the technique of SRI cultivation for higher production of paddy, said Sethi.
The SFP is the base document for preparing the ACP, the target of which is then disaggregated among all banks on the basis of their business prospects in the state. The seminar announced Nachinola Farmer’s Club as best farmer’s club in the state.
Source: Navhind Times
