The National Bank for Agriculture and Rural Development (NABARD) organized its Annual State Credit Seminar in Shimla on Thursday. The event brought together policymakers, financial experts, and government representatives to discuss credit planning and development strategies for Himachal Pradesh.
Private Investment: A Driver of Growth
- Chief Secretary Prabodh Saxena stressed the need for private investment alongside public funding to boost the state’s development.
- Key Points:
- Private investment is critical for opening new growth avenues.
- Investment areas include homestays, MSMEs, and hydropower projects, rather than focusing solely on large-scale factories.
- The government is committed to facilitating private investment for resource enhancement.
NABARD’s Vision for Himachal Pradesh
Vivek Pathania, Regional Chief General Manager of NABARD, outlined the objectives and focus areas for the 2025-26 financial year:
- Credit Plan for FY 2025-26:
- Proposed credit disbursement target of Rs 41,422.43 crore, marking a 22% growth compared to the previous year.
- Focus on MSMEs, agriculture, and non-farm sectors to boost self-reliance and self-employment.
- Sectoral Allocations:
- 50% of the total credit outlay earmarked for the MSME sector, aimed at supporting youth and promoting entrepreneurship.
NABARD’s Financial Support and New Initiatives
- Concessional Funds:
- Disbursed Rs 2,200 crore at 4% interest to cooperative and rural banks.
- Infrastructure Projects:
- Collaborated with the state government on initiatives such as roads, bridges, and irrigation projects.
- Sanctioned Rs 903 crore, including:
- Rs 200 crore for a milk plant project.
- Rs 110 crore for electric vehicle (EV) charging stations under Himachal Tourism Corporation.
- New Initiatives:
- Milk plant projects and EV charging stations reflect NABARD’s adaptive approach to addressing the state’s evolving needs.
Focus on Multi-Faceted Growth
Both the Chief Secretary and NABARD officials emphasized a balanced approach to development:
- Strengthening agriculture, manufacturing, and service sectors.
- Encouraging private investment for sustainable and inclusive growth.
The event underscores NABARD’s pivotal role as a financial and developmental ally for Himachal Pradesh, with a clear focus on fostering innovation, infrastructure development, and self-employment opportunities.