- SFP is essential for directing funds that support Punjab’s rural economy.
- Growth Projections and Investment Opportunities are outlined in this paper.
Harpal Singh Cheema: During the “State Credit Seminar” that NABARD hosted here on Friday, Punjab Finance Minister Advocate Harpal Singh Cheema announced the release of the State Focus Paper (SFP) 2024–25 of the National Bank for Agricultural and Rural Development (NABARD). During the fiscal year 2024–2025, the SFP estimated that the prioritized sectors in Punjab might get a total of Rs. 243606.43 crores in credit.
In his speech at the seminar, Finance Minister Harpal Singh Cheema emphasized the Punjab Government, led by Chief Minister Bhagwant Singh Mann, is committed to collaborating with NABARD and other stakeholders to fully achieve the state’s agricultural and rural sectors’ potential. “We are determined to create an enabling environment for investment and ensure the benefits of these projects reach the grassroots level” , Cheema said.
The Finance Minister emphasized the significance of the State Development Plan (SFP) as a crucial guide for allocating funds that boost Punjab’s rural economy. The SFP offers a thorough evaluation of the state’s potential for agricultural and rural development, identifying priority areas for credit flow and investment. “With a projected credit potential of 80724.34 crore (33.14%) for MSME, it is quite satisfactory that out of the aggregate credit plan, the share of agriculture credit potential is pegged at Rs 118445.86 crore (48.62%), including crop loan at Rs 69393.35 crore (28.49%) and Agriculture Term Loan at Rs 24526.61 crore (19%),” he added.
The Finance Minister expressed gratitude for NABARD’s support of Punjab’s development ever since it was founded. He expressed concern over the state’s declining groundwater supplies and urged cooperation with stakeholders, the implementation of micro irrigation technologies, and crop diversification programs to address the problem. He urged all parties involved to follow the SFP’s lead for the state’s general growth. The SFP, according to the Finance Minister, will assist in directing banks and other financial institutions toward important regions and coordinating their priorities with the state’s development objectives.
The Finance Minister, meantime, commended banks, FPOs, SHGs, and JLGs for their outstanding performance in their respective fields. On this occasion, a walkthrough display showcasing NABARD’s field initiatives was arranged. The Finance Minister spoke with recipients of NABARD’s different projects and praised their work.
Earlier, addressing the seminar, the Chief General Manager of NABARD Punjab Regional Office Raghunath B. emphasized their continued support for Punjab’s development endeavors, reiterating NABARD’s role in channeling resources and expertise to accelerate the state’s rural transformation.
Among the attendees of the conference were Diprava Lakra, Secretary of Finance; Devinder Singh, MD, PStCB; Dr. Inderjeet Singh, VC, GADVASU; Savita Verma, DGM, RBI Chandigarh; and G.K. Negi, Chairman, Punjab Gramin Bank. Other attendees included representatives from line departments, banks, and universities.