Meanwhile, the estimated credit flow would supplement different agricultural and allied segments, such as crop production, animal husbandry, fisheries, water resources, plantation and horticulture, rural infrastructure, renewable energy, rural housing, export and education etc.
Of total potential, agriculture accounts for the lion’s share of 67 per cent in the projections, followed by the Micro, Small and Medium Enterprises (MSME), which has witnessed its outlay increase by a whopping 33 per cent over the previous year keeping in view the thrust accorded to the sector by the Yogi Adityanath government under its flagship One District, One Product (ODOP) scheme.
The UP government has been working in consort for achieving the goal of doubling the farmers’ income by 2022. In 2007, the state had announced the waiver of crop loans worth Rs 36,000 crore pertaining to almost 8.5 million small and marginal farmers in UP to provide succour to farmers and enable them seek fresh loans from banks.
Recently, Prime Minister Narendra Modi also launched the ambitious PM Kisan, which is the minimum guarantee scheme covering over 120 million small and marginal farmers in India. Of these, nearly 21.4 million are estimated from UP. The scheme would cost the exchequer Rs 75,000 crore annually and entitle beneficiaries to a sum of Rs 6,000 in three equal installments. On Sunday, more than 10 million farmers, including four million from UP, were disbursed the first installment payout of Rs 2,000 in their bank accounts.
SFP contains aggregate of credit potential under different sectors of economy, both farm and non-farm, the status of infrastructure under each sector/sub sector and critical gaps. It is part of the RBI-initiated decentralised credit planning by Nabard to estimate credit potential in different sectors of economy. Depending upon this Nabard roadmap, commercial banks prepare the Annual Credit Plan (ACP) for UP, fixing individual bank targets under the lead bank scheme.