Mumbai: Maharashtra Chief Minister Devendra Fadnavis with Microsoft India Chairman Bhaskar Pramanik launching Microsoft's Cloud Service from data centers, in Mumbai on Tuesday. PTI Photo by Shashank Parade  (PTI9_29_2015_000219B)
Mumbai: Maharashtra Chief Minister Devendra Fadnavis with Microsoft India Chairman Bhaskar Pramanik launching Microsoft's Cloud Service from data centers, in Mumbai on Tuesday. PTI Photo by Shashank Parade (PTI9_29_2015_000219B)

Maha CM emphasises the importance of Institutional Credit Net for the improvement of agricultural sector

Mumbai : For the improvement of agricultural sector, we need to bring at least 80 per cent of the farmers into the institutional credit net and the state government is serious about this, Chief Minister Devendra Fadnavis said as he addressed the state level bankers’ meeting here on Wednesday.

“With the forecast of good monsoon this time, it is an opportunity to work united and make available money into the hands of the farmers,” he said.

While appreciating role of State Level Bankers’ Committee (SLBC), Fadnavis appealed them for working on micro indicators for agricultural sector to boost overall economy.

The farmers of the state get majority of credits from the cooperative banks. But, the SLBC should work on increasing the share of commercial banks into the sector, the CM suggested. The past year had been particularly bad not just for the farmers, but even the economy of the state.

The agriculture sector contributes around 10-11 per cent in the Gross State Domestic Product (GSDP) but, around 45-50 percent of the population is dependent upon it. The share of agriculture in GSDP needs to be increased, the CM said.

For past four years the growth in the sector is negative. This has increased the pressure on the farmers as well as the state economy and the bankers.

Other sectors in the state too are getting affected by the negative trend in agriculture and credits available to those sectors too have come down, Fadnavis said and added that since the monsoon forecast is good, a united effort would enable the state to achieve good progress in not just agriculture but other sectors of the economy also.

Ministers Chandrakantdada Patil, Dadaji Bhuse and representatives of RBI, NABARD, Public and Commercial Banks attended the meeting.

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