The Lt Governor urged the banking sector to take the lead in realizing the dream of accelerated agricultural and allied sector development. He also assured farmers of all assistance and adequate funds for the revival of cooperative banks.
"With the vision of "Vanchito ko Variyata" and giving priority to the agriculture sector, the Prime Minister and Finance Minister have shown the way for inclusive development and empowering every section of society in the first budget of Amrit Kaal," said the Lt Governor.
The Agriculture Accelerator Fund, which is being proposed in this year's budget, will encourage rural agri-startups. It will provide local youth with entrepreneurial opportunities as well as cost-effective solutions to agricultural challenges. He added that the agriculture credit target has been raised to Rs. 20 lakh crore, with a focus on animal husbandry, dairy, and fisheries.
Highlighting the transformation in the agriculture sector, the Lt Governor stated that the administration's progressive reforms implemented over the last three years are paying dividends to farmers.
The Amrit Kaal gives us the opportunity to transform the agriculture sector while also protecting farmers from the effects of volatile markets, climate change, and biodiversity loss, he said. The Lt Governor stated that the projects under holistic development of agriculture and allied sector being implemented in J&K UT are among the few major long-term and groundbreaking interventions in the country's agricultural horizon.
He added that the revolutionary projects worth Rs 5013 crore for holistic development of agriculture and allied sectors will provide practical solutions to meet future challenges, accelerate growth momentum, and usher in a new era of farmer prosperity and rural livelihood security in J&K UT. The Lt Governor urged all stakeholders to work together to ensure the successful implementation of projects related to the holistic development of agriculture and allied sectors.
As per Lt Governor, the holistic development of agriculture and allied sectors will create a strong ecosystem of agriculture entrepreneurs in Jammu and Kashmir, as well as job opportunities. He predicts that it will surpass Rs 30,000 crore in the fourth year. The Lt Governor also emphasized the importance of streamlining the institutional credit flow to farmers. J&K faces its fair share of geo-climatic challenges, the majority of which affect small and marginal farmers. According to the Lt Governor, it is the responsibility of all banks to connect these farmers to the banking system.
According to the Lt Governor, banking institutions are the most important support system for ensuring that maximum institutional credit reaches farmers, particularly in unbanked villages. Promoting institutional credit in agriculture will be a game changer in terms of strengthening the agricultural economy and achieving the goal of inclusive and balanced development. He stated that credit access for tenants, small and medium farmers must be ensured.
He also emphasized the importance of regional rural banks in credit flow and credit facility extension to all farmers. Commercial bank credit has more than doubled in the last eight years. Still, the Lt Governor observed, we must increase credit flow, ensure equal disbursement of institutional credit, and identify areas of inequity.
The Lt Governor directed the banks to work in a systematic manner to ensure time-bound saturation of KCC for all farmers involved in agriculture and related activities. He also requested that the J&K Bank organize a programme to honour women working in agriculture and related fields. The banking industry must serve small and marginal farmers, youth and women agripreneurs, and act as a growth catalyst. According to the Lt Governor, it must be ensured that every woman who wishes to become an agripreneur receives hassle-free financial assistance.
Rajeev Rai Bhatnagar, Advisor to the Lt Governor; Atal Dulloo, Additional Chief Secretary, Agriculture Production Department; Dr Ashok Dalwai, CEO, National Rainfed Area Authority; Yasha Mudgal, Commissioner/Secretary Cooperatives Department; Kamal P Patnaik, Regional Director RBI; Baldev Prakash, MD & CEO J&K Bank; Dr Ajay Kumar Sood, CGM NABARD Jammu, and members of Kissan Advisory Board present on the occasion also shared their views on the role of financial institutions in Agriculture sector.
