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Our Bureau

To rope in more number of farmers under banking fold

Hyderabad , May 21

At least five lakh new farmers are expected to get bank credit and the State would have an Rs 37,000 crore annual Credit Plan outlay during 2006-07, according to the Chief Minister Dr Y.S. Rajasekhara Reddy.

He said the Government is planning to bring maximum number of eligible/new farmers under the banking fold in order to pull them out of the bondage of the private moneylenders. The Chief Minister will be launching the State Credit Plan 2006-07 at the 158th State Level Bankers Committee (SLBC) meeting here on Monday.

According to a press release from the Chief Minister's Office, during 2004-05 and 2005-06, over 16 lakh uncovered farmers were given credit by the banks with the facilitation of the Agricultural Department. It is proposed to cover another 5 lakh new farmers during 2006-07. In all, about 21 lakh farmers will be given credit.

The outlay of Rs 37,000 crore projected for 2006-07 was against the achievement of Rs 28,899 crore under the State Credit Plan of 2005-06 and against Nabard projections of Rs 32,574 crore for 2006-07. This includes crop loans (Rs 15,700 crore), agricultural term loans including allied activities (Rs 4,870 crore); small-scale industries including artisans (Rs 5,717 crore) and other priority sector advances of Rs 10,713 crore totalling Rs 37,000 crore.

However, the Chief Minister is expected to recommend to the SLBC a hike in the crop loan target to Rs 16,400 crore keeping the overall target at Rs 37,000 crore. In this context, Dr Reddy said the outlay is projected with an increase of Rs 8,101 crores over the achievement and Rs 8,400 crore over last year's target (29.37 per cent increase), the release added.

Under agricultural sector alone, Rs 20,570 crore is projected for 2006-07 with a net increase of Rs 4,590 crore (29 per cent increase over last year's achievement). Achievement under the annual credit Plan during 2005-06 was Rs 28,899 crore against the target of Rs 28,600 crore, which is an increase of 101.05 per cent of the target.

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