New Delhi
The Finance Ministry has instructed public sector banks to boost credit availability for agri-allied sectors, including animal husbandry, dairying, and fisheries, to ensure financial targets for the current fiscal year are met, according to a Finance Ministry statement issued on Wednesday.
This directive follows a high-level review meeting chaired by M. Nagaraju, Secretary of the Department of Financial Services (DFS). The meeting was attended by key stakeholders, including officials from public sector banks, NABARD, and various state governments. The session focused on improving credit flow to these vital sectors, which are crucial for rural employment and agricultural growth.
Nagaraju emphasized the need to address regional disparities in credit disbursement and encouraged banks to conduct regional meetings to better reach areas with untapped potential. The importance of facilitating access to credit for fisheries, especially through the Pradhan Mantri Matsya Sampada Yojana (PMMSY), was also highlighted.
To further support these sectors, the Union Budget 2024-25 increased the allocation for fisheries by 54%, totaling Rs 2,616.44 crore, with a significant portion earmarked for shrimp farming and export. Additionally, NABARD will assist in financing shrimp farming and processing activities to enhance productivity and reduce reliance on imports.
This push aims to strengthen rural incomes and promote sustainable livelihoods, especially for marginalized communities dependent on fisheries.
