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| J&K’s crop yield still below national benchmarks: Rather | | | Early Times Report
JAMMU, Jan 13: Highlighting significance of banking in the equitable and inclusive growth, Minister for Finance Abdul Rahim Rather today underscored need for a strong financial sector for responding to the growing needs of the emerging economy.
Speaking at State Credit Seminar organized by National Bank for Agricultural and Rural Development, J&K Regional Office Jammu ( NABARD) here today, Minister said that banks have a direct bearing an improving income levels of the people, un-employment reduction and poverty alleviation adding that though the credit support from banks to various sectors is increasing but still there is vast scope.
Expressing concern over the stagnation in growth particularly in agriculture sector at 1.5%, Rather said the rejuvenation of this vital sector of economy is primarily critical for inclusiveness adding that the role of financial institutions through credit, policy support from Government and contribution of Agriculture Universities are crucial for improving the growth rate with available natural resources.
Substantiating his concerns, Rather said about 49.98% Bank advances have been received by Srinagar and Jammu districts (Srinagar 24.32%) and (Jammu 25.66%) as on December 30, 2010 whereas only remaining 50.02% has gone to as many as 30 districts. “Likewise, we are much behind the expectations with respect to covering farming families under Kissan Credit Card Scheme”, Rather added.
Principal/ Secretary Agricultural production, who is also State Director NABARD, Iqbal Khanday released a booklet of schemes identified by the NABARD. Sukhdev, while welcoming the guests said that the NABARD has prepared Potential Linked Credit Plan (PLP) for each district for 2011-12 which will be the base for preparation of annual credit plans by banks for the next fiscal.
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