NABARD Unveils Ambitious Rs. 2.80 Lakh Crore Plan for 2024-25, Prioritizing Agriculture and MSMEs
Hyderabad, January 30:
The National Bank for Agriculture and Rural Development (NABARD) has unveiled its ambitious annual plan for the fiscal year 2024-25, with a resolute focus on bolstering agriculture and allied sectors in the state. With a staggering allocation of Rs. 2.80 lakh crore, this comprehensive plan marks a significant 66 percent surge compared to the previous fiscal year.
Emphasizing its commitment to nurturing the backbone of the economy, NABARD has allocated a substantial portion of funds to agriculture and allied sectors, amounting to Rs. 1,33,587.86 crores. Within this allocation, Rs. 81,478.02 crores have been earmarked for crop loans, while Rs. 27,664.91 crores have been allocated for term loans and Agri Allied Activities. Additionally, Rs. 5,197.26 crores have been designated for critical infrastructural development, including the construction of godowns and land development initiatives. Further reinforcing its support for agricultural advancements, NABARD has allocated Rs. 19,247.67 crores for agricultural support activities and food and agro processing sectors.
Recognizing the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in driving economic growth and employment generation, NABARD has allocated a significant sum of Rs. 1,29,635.83 crores for the establishment of MSMEs. Impressively, this allocation constitutes 46 percent of the total funds, underscoring the institution’s commitment to fostering entrepreneurship and innovation.
In addition to prioritizing agriculture and MSMEs, NABARD has allocated funds for various other vital sectors. This includes Rs. 2,706.50 crores for the education sector, Rs. 10,768.58 crores for the housing sector, and Rs. 566.61 crores for conventional energy sources. Moreover, allocations of Rs. 451.67 crores for exports, Rs. 836.20 crores for self-help groups and self-employment initiatives, and Rs. 1,447.31 crores for social infrastructure, in collaboration with banks, further enrich the comprehensive plan.
As NABARD unveils its ambitious roadmap for the fiscal year 2024-25, it reaffirms its steadfast commitment to fostering inclusive growth, sustainable development, and economic resilience across the state.
