The National Bank for Agriculture and Rural Development (NABARD) forecasts an 8.88% growth in credit outflows for the next fiscal year in the district of Coimbatore compared to the projection given for the current year.
Collector GS Sameeran posted the potential credit-linked plan for the district here on Tuesday. The plan foresees that the credit potential will be 25,000.27 crore for 2022-2023. The document is the basis on which the annual credit plan is finalized. The collector advised banks to ensure hassle-free loans for education, the MSME sector, and loans under various government programs. He encouraged bankers to promote entrepreneurs so that the potential of the district in the industrial sector is realized.
C. Thirumala Rao, NABARD District Development Director, said the PLP projection was 10.10% higher than the annual credit plan target for 2021-2022, which could be attributed to the country’s national priorities. Indian government to step up lending to different sectors. economy.
While the MSME sector is expected to obtain the bulk (42%) of credit with 10,573.33 crore, the agricultural sector is expected to obtain 9,118.88 crore, of which 8,013.14 crore is for agricultural credit. Loans for the agricultural sector would cover agricultural production, maintenance, marketing, agricultural infrastructure and ancillary activities.
Export credit and education lending were further strained, he added.