The National Bank for Agriculture and Rural Development (NABARD) projects 8.88 % growth in credit outgo next financial year in Coimbatore district compared to the projection given for the current year.
Collector G.S. Sameeran released here on Tuesday the potential linked credit plan for the district. The plan projects the credit potential to be ₹ 25,004.27 crore for 2022-23. The document is the basis on which the annual credit plan is finalised. The Collector advised the banks to ensure hassle-free loans for education, MSME sector and loans under various government schemes. He encouraged the bankers to promote entrepreneurs so that the district’s potential in the industrial sector was realised.
C. Thirumala Rao, District Development Manager of NABARD, said the PLP projection was 10.10 % more than the annual credit plan target for 2021-22 which could be attributed to the national priorities of the Government of India to scale up lending to the various sectors of the economy.
While the MSME sector was expected to get the major portion (42 %) of the credit with ₹ 10,573.33 crore, the agriculture sector was expected to get ₹ 9,118.88 crore, including ₹ 8,013.14 crore towards farm credit. The loans for the agriculture sector would cover crop production, maintenance, marketing, agriculture infrastructure, and ancillary activities.
There was more stress on export credit and education loan, he added.
