Andhra Pradesh Chief Minister N. Chandrababu Naidu unveiled NABARD’s credit plan of ₹51,100 crore for the 2024-25 fiscal year, aiming to bolster agricultural and rural development in the state. This represents a substantial 18.7% increase from the previous year’s plan of ₹43,088 crore.
The plan prioritizes agriculture with an allocation of ₹29,319 crore, focusing on crop production, animal husbandry, fisheries, and farm mechanization. Within agriculture, priority is given to supporting tenant farmers and joint liability groups. Micro, Small and Medium Enterprises (MSMEs) will receive ₹11,778 crore, supporting rural industries and entrepreneurship.
Other key areas of focus include infrastructure development with ₹5,000 crore, self-help groups (SHGs) receiving ₹3,000 crore, and other sectors like housing and social services accounting for the remaining funds.
Naidu emphasized the importance of technology in agriculture and urged banks to adopt digital lending platforms to ensure timely credit disbursement. He also highlighted the need for value addition in agricultural produce and promoting food processing industries. The government aims to establish a ₹10,000 crore Rural Infrastructure Development Fund (RIDF) to support infrastructure projects.
NABARD officials stated that the plan is designed to enhance rural livelihoods, increase agricultural productivity, and promote sustainable rural development. They also mentioned a focus on climate-resilient agriculture and water conservation efforts. The plan will be implemented through various banks, regional rural banks, and cooperative banks operating in Andhra Pradesh. The government will work closely with these financial institutions to ensure effective implementation and achieve the targeted credit disbursement. The Chief Minister also directed officials to focus on grounding of projects and monitoring their progress regularly.
