Staff Reporter

Agrarian sector given enough importance in the planning process

Credit disbursement to non-farm sector pegged at Rs. 2,969.09 crore

Tirupur: The Annual Credit Plan (ACP) 2010-11 released by the Lead Bank (Canara Bank) on Thursday envisages a credit flow of Rs. 4,283.69 crore in the district during 2010-11 fiscal, which was Rs. 283.69 crore more than the credit outlay projections in the ACP for 2009-10.

Of the total credit potential in 2010-11, the estimated credit disbursement to non-farm sector was pegged at Rs. 2,969.09 crore, constituting 70 percent of the total outlay, and four percent more than the projection to the sector (i.e. non-farm) in ACP 2009-10.

Non-farm sector

“The lending of adequate advances to the non-farm sector is of paramount importance in an industrially buzzing district like Tirupur for encouraging more industrial units to come up post recession and thereby create additional employment opportunities to the youth,” Lead Bank Manager R. Murugesan told The Hindu.

Considering that agriculture remains the backbone of the overall Indian economy, the agrarian sector had been given enough importance in the planning process with an estimated credit flow of Rs. 870.96 crore in the district during 2010-11.

This is 20 percent of the total projections for 2010-11 and an increase of 15.05 percent over the previous ACP outlay to the sector.

The advances to Other Priority Sectors (OPS), which include education, housing and consumption loans, had been projected at Rs. 443.63 crore which was 15.23 percent more than in ACP 2009-10.

Collector C. Samayamoorthy, who is also the chairman of District Consultative Committee for Banking Development, said that a total of 200 commercial bank branches and 181 primary agriculture co-operative societies (PACSs) in the district would be participating in the credit disbursement to achieve the ACP targets for next fiscal.