Baby Chakraborty, KalimNews, March 1, 2025, Kolkata : The National Bank for Agriculture and Rural Development (NABARD) has set an ambitious credit target of Rs. 3.80 lakh crore for priority sector lending in West Bengal for the financial year 2025-26, marking a 20.63% increase over the previous year. This announcement was made by Shri P.K. Bhardwaj, Chief General Manager of NABARD, during the State Credit Seminar held on 28th February 2025 at Hotel Lalit Great Eastern.
NABARD prepares the Potential Linked Credit Plans (PLPs) for each district annually, using a consultative approach aimed at facilitating the distribution of credit for priority sector activities. These plans assess factors such as resource availability, credit deployment trends, infrastructure needs, market opportunities, and government policies to determine the potential for priority sector lending by banks. The district-specific potentials are compiled into the State Focus Paper (SFP), which is used to highlight sectoral credit opportunities, infrastructure gaps, support linkages, and critical policy issues that require intervention from stakeholders to ensure sustainable socio-economic development.
The State Focus Paper for FY 2025-26 was unveiled at the seminar by Shri Prabhat Kumar Mishra, Additional Chief Secretary of the Finance Department, Government of West Bengal. Other key attendees included Shri Onkar Singh Meena, Principal Secretary of Agriculture, along with officials from various government bodies, the Reserve Bank of India (RBI), State Bank of India (SBI), and other financial institutions. Senior officials from the state government, zonal and regional heads of commercial banks, and lead district managers participated in the seminar virtually.
During the seminar, Shri Bhardwaj shared that the Rs. 3.80 lakh crore credit potential for the state in the coming year includes a significant focus on agriculture. The agriculture sector, including agri-infrastructure and ancillary activities, accounts for 33.42% of the total credit target, amounting to Rs. 1.27 lakh crore. He emphasized the unique agricultural challenges in West Bengal and stressed the importance of initiatives in areas such as Farmer Producer Organizations (FPOs), climate resilience, and the processing and marketing of agricultural products. He further called for sufficient credit allocation and collaboration among stakeholders to foster accelerated development.
Shri Balbir Singh, General Manager of the State Level Bankers’ Committee (SLBC), acknowledged NABARD’s extensive research and studies in agriculture, pointing out the state’s immense export potential. He underscored the need to exceed annual credit targets for the upcoming fiscal year. Shri Satyendra Kumar Singh, Chief General Manager of SBI, also stressed the importance of crop diversification and the adoption of sustainable farming practices.
Smt. Mary L. N. C. Guite, Chief General Manager of RBI, lauded NABARD’s efforts in publishing the State Focus Paper, highlighting the need for financial literacy and addressing the gender gap in the sector. She emphasized the necessity for cooperation between NABARD and RBI to unlock the state’s potential. Shri Onkar Singh Meena, Principal Secretary of Agriculture, GoWB, praised the state’s agricultural credit disbursements, which reached Rs. 75,000 crore and are expected to exceed Rs. 1 lakh crore in the current fiscal year. He called for a market-demand-based strategy and the diversification of crops, particularly focusing on pulses, maize, and oilseeds. He also urged banks to prioritize long-term agricultural financing, particularly for infrastructure such as cold storage, rice mills, and processing facilities.
In his keynote address, Shri Prabhat Kumar Mishra, Additional Chief Secretary of Finance, GoWB, emphasized the need for coordinated efforts among NABARD, the state government, and other stakeholders to address challenges at the ground level. He highlighted the importance of sustainable development initiatives in response to climate change impacts and suggested focusing on the state’s fisheries sector, which holds significant export potential. He also praised the success of Self-Help Groups (SHGs), initiated by NABARD, and suggested scaling up such initiatives.
The seminar also featured the unveiling of a study on the betel vine value chain analysis and success stories from projects funded under the Tribal Development Fund (TDF). Additionally, documentaries on Rural Infrastructure Promotion Fund (RIPF) and TDF projects were released during the event.
West Bengal is home to nearly 90 lakh MSME units, the second-largest number in the country, which play a vital role in the state’s economy. The MSME sector holds a credit potential of Rs. 2.00 lakh crore, representing 52.63% of the total credit potential for 2025-26. Additionally, Rs. 0.53 lakh crore is earmarked for other priority sector activities, including housing, education, social infrastructure, export credit, renewable energy, and loans for SHGs and Joint Liability Groups (JLGs).
The credit projections for the coming year align with both central and state government priorities to accelerate and sustain agricultural growth, improve farmers’ incomes, and support MSMEs. The targeted approach also focuses on enhancing agricultural productivity, fostering food and agro-processing activities, and strengthening informal credit delivery systems such as SHGs and JLGs, contributing to holistic and inclusive growth across the state.
