Govt. expects NABARD help in completion of Polavaram, says Jagan |

[bhaigan]

‘In view of economic slowdown, focus needed on sectors that generate jobs’

Chief Minister Y.S. Jagan Mohan Reddy released a State focus paper 2020–21 prepared by the National Bank for Agriculture and Rural Development (Nabard) here on Thursday.

Participating in the State credit seminar, Mr. Jagan said that the state government was expecting cooperation from Nabard in its effort to drive the State on a development path. Nabard had released ₹1,800 crore, which was used for power purchase. The Polavaram project was the heart and lifeline of the State. The government had spent about ₹5,000 crore so far and was paying ₹500 crore as interest on it. The government plans to complete the works by 2021. Another ₹10,000 crore per annum was required for R&R and ₹6,000 crore per annum towards civil works. The funds were not being released in time. The government expected special attention on the project, he said.

“Andhra Pradesh is primarily an agri-based economy as 62% of the people are dependent on agriculture. The State has vast opportunities in agriculture and allied sectors. Andhra Pradesh stands first in aqua and fisheries sectors. The economic slowdown, which the nation is experiencing, is likely to impact the primary sector, which is agriculture. At this juncture, it is necessary to focus on sectors that generate employment, Mr. Jagan said.

Nabard Chief General Manager Selvaraj said, “We will extend our full cooperation for the primary sector in the State.”

Farm credit

Nabard has pegged the State farm credit at ₹1,34,402.52 crore. The projections for agriculture infrastructure have been estimated as ₹4,200 crore. The ancillary activities such as food and agro-processing, loans to cooperative societies etc. are ₹7,698 crore, taking the estimate for total agricultural loans to ₹1,46,301 crore. The MSME working capital and investment capital have been estimated to be ₹42,206 crore. The export credit is ₹2,502 crore and education loans ₹1,329 crore. The projections for renewable energy have been put at ₹506 crore. In all, the priority sector loans will be ₹2,11,865.38 crore, Nabard said in the paper.

Agriculture Minister K. Kanna Babu, Chief Secretary Nilam Sawhney, Government Advisor Ajeya Kallam, Nabard General Manager Prabhakar Behera and officials of various banks were present.