Nabard has projected a 20.63 per cent growth in priority sector lending potential for Bengal in 2025-26. The state focus paper, released on Friday, estimates a priority sector lending potential of ₹3.8 lakh crore for the fiscal year.
For 2024-25, Nabard's estimated priority sector lending potential was ₹3.15 lakh crore.
Nabard chief general manager P.K. Bhardwaj on Friday said of the total estimated credit potential of ₹3.80 lakh crore, the agriculture sector, including agri-infrastructure and ancillary activities, accounts for 33.42 per cent, amounting to ₹1.27 lakh crore, while MSMEs at ₹2 lakh crore accounts for 52.6 per cent.
The other priority sectors as part of the aggregate lending potential include export, education, housing, social infrastructure, renewable energy and others.
Bhardwaj emphasised the need to focus on key areas such as FPOs (farmer-producer organisations), increasing climate resilience, and initiatives in processing and marketing.
However, the importance of supporting these initiatives with adequate credit allocation is a collaborative effort among all stakeholders, including lenders and government, he said.
Nabard said that with the priorities outlined by both the central and state governments to accelerate and sustain agricultural growth while improving farmers' income, there has been an emphasis on credit projections for capital formation in agriculture and allied sectors.
"This approach focuses on sustaining and enhancing agricultural productivity, promoting food and agro-processing activities, supporting micro, small, and medium enterprises (MSMEs), and strengthening informal credit delivery systems such as SHGs and JLGs," Nabard said.
Long-term financing
Onkar Singh Meena, principal secretary, agriculture, Bengal government, said credit disbursement under agriculture has reached ₹75,000 crore as of December 2024, with expectations to exceed ₹1 lakh crore in the current financial year.
He stressed the importance of a market-demand-based strategy, the need for GI (Geographical Indication) registration for more products, and the diversification of crops with a focus on pulses, maize, and oilseeds. "Bengal already has high cropping intensity, and our focus now is on value addition," he said.
Meena also urged lenders to focus on long-term agricultural financing, supporting infrastructure such as cold storage, rice mills, godowns, and other processing facilities.
Prabhat Kumar Mishra, additional chief secretary, finance department, Bengal government, was also present at the event on Friday, along with senior officials from the state government, RBI, SLBC, SBI and other commercial banks.
