The Hindu : Rs.300-cr. Annual Credit Plan for Tiruvannamalai

Online edition of India's National Newspaper
Monday, Apr 07, 2003

Southern States

Southern States - Pondicherry

Rs.300-cr. Annual Credit Plan for Tiruvannamalai

By Our Staff Reporter

TIRUVANNAMALAI April 6. An outlay of Rs.300 crores has been projected under the Annual Credit Plan (ACP) for Tiruvannamalai district for the year, 2003-2004 which was released by the Collector, Dheeraj Kumar at the district level review committee meeting of banks held here recently.

The Collector said that the district had very good potential for the development of sectors such as minor irrigation, horticultural crops and wasteland development. Since Tiruvannamalai was close to two metropolitan cities, namely Chennai and Bangalore, excellent market opportunities were available for demand-based products, especially in view of the large-scale unemployment and comparatively cheaper labour. While appreciating the banks for granting loans to the women's self-help groups, he wanted them to concentrate on the quality of loans.

P.Nallasivam, Assistant General Manager (AGM), Indian Bank said that agricultural development could not be achieved merely by giving crop loans. It could be accelerated only by giving loans for the creation of economic assets. He wanted banks to give term loans under agriculture and non-farm sector.

S.Sankaranarayanan, AGM, National Bank for Agriculture and Rural Development (NABARD) said that the ACP outlay for the year, 2003-2004 was 8.74 per cent more than that for the previous financial year. An improvement of 3.63 per cent only was projected under agriculture, while the outlay for the industries sector was higher by 7.82 per cent. The services sector has topped the chart with 41.76 per cent.

Under the ACP for 2003-2004, agriculture got Rs.233.54 crores, industries Rs.16.41 crores and the services sector Rs.50.07 crores.

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Rs.300-cr. Annual Credit Plan for Tiruvannamalai