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Pondicherry's credit need put at Rs 359.89 crores

Special Correspondent

Thrust on agriculture in the credit plan prepared by NABARD

Pondicherry: The Potential Linked Credit Plan (PLP) prepared by the Pondicherry District Development office of the National Bank for Agriculture and Rural Development (NABARD) for the Union Territory of Pondicherry envisages that the credit requirement of Pondicherry for the next financial year (2006-2007) would be Rs 359.89 crores which would be 29.5 per cent more than the Annual Plan target of Rs 277.97 crores for the current year (2005-2006).

Chief Minister N. Rangasamy, who released the document on Tuesday, said that there was every need for the government departments and banks to adhere to the plan to ensure the projected credit flow for all developmental sectors here.

The Assistant General Manager of NABARD, R. Nithyanandan, said in a release later that the PLP formed the basis of Annual Credit Plan formulated by the banks functioning in the Union Territory. The Plan also kept in view the credit flow for agriculture and allied sectors envisaged by the Union Territory Administration.

Agriculture and allied sectors account for Rs 107.57 crores out of the projected credit requirement of Rs 359.89 crores.

The document also stated that in Pondicherry the aggregate credit deposit ratio stood at 53 per cent and that the share of farm credit formed only 10 per cent as against a minimum of 18 per cent stipulated by the Reserve Bank of India.

The PLP thus called for concerted efforts to improve credit flow into agriculture.

With the Administration adopting several initiatives and also liberal subsidy for farm sector the Union Territory could make strides in cultivation of medicinal and aromatic plants, jatropha and in promoting horticulture, agro processing, hi tech and export oriented production activities. The PLP also pointed out that there was need to streamline the production process of artisans with necessary infrastructure, credit and other support services.

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