CM releases NABARD focus paper estimating Rs.958.565 cr credit flow to Sikkim’s priority sector

DICHEN ONGMU

GANGTOK,: Chief Minister PS Golay on Wednesday released the State Focus Paper 2023-24 prepared by NABARD which estimated a potential of Rs.958.565 crore for credit flow to the priority sector in Sikkim for the year 2023-24.

The NABARD Sikkim document was released during the State Credit Seminar held at Gangtok. The document also estimated a potential of Rs.370.66 crore towards agriculture loans covering farm credit, agri-infrastructure and agri-ancillary activities.

In his address, the Chief Minister appreciated the efforts of NABARD and mentioned how it has been working tirelessly for the development of the State implementing several developmental schemes in favour of the Sikkimese. He also handed over sanction letters of various developmental projects worth Rs 1.62 crore distributed among SHGs, FPOs and MPCS across the State.

Emphasizing the need for Sikkimese entrepreneurs to take advantage of all the assistance provided by the banks and the government, Golay highlighted how some of the schemes go waste as the people either fear to take the loans or misuse the money taken from the banks.

“I am not encouraging our people to take loans but if it’s invested in the right manner then you won’t be at loss. However, one should not misuse the money and invest it for the projects it has been sanctioned for”, appealed the Chief Minister stating how there have been cases of misusing the loan facilities.

Golay also urged the bankers to simplify and make the loan process hassle-free and make concerted efforts to translate the exploitable potential into bankable projects. He further stressed that local laws should be kept in mind by the banks when they realize their dues from wilful defaulters.

“We should consider banks as our mothers and show our support by working in tandem with them. Let’s acquire as many schemes as possible sincerely and decrease the numbers of defaulters in the State”, he added.

In addition, he appreciated the government officials and the public for their active participation during the G20 meetings, which has led to widespread publicity of Sikkim. Speaking on the same subject, he noted that the same spirit of teamwork is needed to achieve an AatmaNirbhar Sikkim and expressed that he trusts everyone would follow the righteous path.

In his address, chief secretary VB Pathak appreciated the efforts made by the NABARD for supporting rural infrastructure creation and other developmental interventions. He specifically appreciated the efforts of NABARD in augmenting the flow of rural credit, sustainable development of tribal families, supporting SHG movement in the State, strengthening of the cooperatives and undertaking marketing initiatives.

Sikkim University vice chancellor Dr.AvinashKhare appreciated the role of NABARD in rural development in the State. He highlighted the importanceof research and innovative projects in the developmental landscape. He expressed the need for collaboration among all the stakeholders for achieving the desired results.

Kishore Pariyar, Regional Director, Reserve Bank of India, highlighted the comparative position of Sikkim against national average for some important banking parameters appreciating the role of bankers in achieving the progress.  He also placed few requests to the State government which would help strengthen the banking systems in the State, like fast internet connectivity for facilitating digital payments, Aadhar mobile linkage, data of MSME retails and bank recovery schemes.

NABARD Sikkim general manager Sanjay Kumar Guptahighlighted how Sikkim has witnessed major financial activities lately with important personalities being a part of it.

“We can consider this as the Sikkim moment and after the success of G20 Summit we all can confidently say Sikkim is no less than other States. It’s a proud moment for all of us”, he said, appreciating the efforts of the Chief Minister. He also underlined the major elements of NABARD Sikkim’s priorities for the year 2023-24 and stressed on the need for coordination, cooperation and collaboration among all the stakeholders to achieve synergy and multiplier effect.

Virendra Singh, Deputy General Manager, SLBC thanked NABARD for accessing the credit potential of the State and bringing out the State Focus Paper. He highlighted the efforts made by banks in increasing credit flow in the priority sectors.