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New Delhi: The National Bank for Agriculture and Rural Development (Nabard) on Tuesday projected Madhya Pradesh’s priority sector credit potential at 2.58 lakh crore for the upcoming financial year 2023-24.

According to the announcement made during the annual state credit seminar in Bhopal,the estimated credit potential of Madhya Pradesh has increased from 2.42 lakh crore in 2022-23, up 6.43%.

A document published by NABARD on the role of agricultural credit and its key issue for Madhya Pradesh to achieve the $550 billion economy to help achieve India’s $ 5 trillion economy was also released.

Madhya Pradesh Finance Minister Jagdish Devda appreciated the work done by Nabard to increase the economy of the state and called upon the representatives of banks and state government to work together so that the rural and agricultural sector of the state can be developed. Therefore, the state government, Nabard, RBI and all banks are expected to play a positive role in the all-round development of Madhya Pradesh.

He said that the potential estimated by the Nabard can be suitably incorporated in the credit plans of the banks in the coming year.

“This will help in bringing farmers, women, unemployed youth and young women and entrepreneurs into the mainstream of development. The Madhya Pradesh government is committed to agriculture and rural development and will provide all necessary assistance for this," Devda added.

“The potential for growth in agriculture and various related sectors and informed that the total potential available for financing through bank credit for the year 2023-24 is estimated at Rs. 2,58,598 crore, which is 6.43% higher than the estimates of 2022-23 ( 2,42,967 crore)," Nirupam Mehrotra, Chief General Manager, Nabard said.

Sustainable agriculture, increase in farmer’s income, creation of capital formation in agriculture, focus on development of agriculture related activities are other important underlying grounds in the prospective assessment for FY 2023-24.

With all these efforts, the state of Madhya Pradesh can be made a $ 550 billion economy, he added.

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