Financial Daily from THE HINDU group of publications
Tuesday, Jun 28, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 28, 2005 |
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Agri-Biz & Commodities
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Farm credit Pawar asks CMs to personally monitor farm credit Our Bureau
New Delhi , June 27 THE Agriculture Minister, Mr Sharad Pawar, on Monday asked the Chief Ministers to personally monitor credit to the farm sector. "Despite the significant step-up of credit flow, it remains unfortunate that significant number of farmers continue to depend to a large extent on non-institutional sources at exploitative rates of interest ranging between 24 per cent and 36 per cent," Mr Pawar told the National Development Council meeting. The Minister said the situation can be improved if the State governments take interest in systematic review of credit flows to the farm sector, and through effective use of the State Level Coordination Committee. "I would request the Chief Ministers to personally monitor the subject by holding regular meetings of the committee, with concerned bankers and officials," he added. Stating that agriculture loans amounting to Rs 10,000 crore have been rescheduled to benefit farmers in distress, Mr Pawar added that the Centre too, would have to bring about changes to ease procedural rigidities and the security-oriented lending system of the banks, which create entry barriers for formal credit. He said the Government remained committed to further step up credit flow by more than 30 per cent during 2005-06.
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