Karnataka: NABARD projects priority sector credit target of Rs 3.97 lakh crore in 2024-25

Bengaluru: National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 3.97 lakh crore for priority sector lending in Karnataka during 2024-25, its Chief General Manager (CGM) T Ramesh said here on Tuesday.

Speaking at the State Credit Seminar for Karnataka at their Regional Office, the NABARD CGM said the estimated credit potential is 10.67 per cent higher than the previous years’ credit projection.

“Of the total, the share of agriculture sector including agri-infrastructure and ancillary activities is Rs.1.85 lakh crore (46 per cent), MSME sector is Rs.1.58 lakh crore (40 per cent) and other priority sector activities is Rs.0.54 lakh crore (14 per cent),” a statement issued by NABARD quoted him as saying.

In the wake of severe drought situation, NABARD has been complementing the efforts of State government by extending financial support to the tune of Rs 990 crore for 119 irrigation projects and Rs 611 crore for drinking water projects under Rural Infrastructure Development Fund and has sanctioned Rs 290 crore under Micro Irrigation Fund for promoting sustainable irrigation practices during the current year, Ramesh added.