Encourage farmers to enhance area covered under millets, FM Sitharaman tells NABARD

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Finance Minister Nirmala Sitharaman advised on Monday nappard Take steps to increase rural credit by correcting regional imbalances in order to improve productivity in rural areas, including in the non-farm sector.

Sitraman, who chaired a review meeting on NABARD, emphasized the need for concerted efforts to sensitize farmers to shift towards more profitable but less water-intensive crops, especially millet, pulses and oilseeds.

With production and marketing Shree Anna as an ongoing national priority International Year of Millet 2023Sitharaman directed NABARD to encourage farmers to promote millet-covered area, and to protect the revenues of farmers who already grow millet.

Also read: Get millet grains like ragi and jowar and serve them instead of rice.

The detailed review of NABARD’s work was conducted by the Federal Minister of Finance in the presence of Nabard Chairman KV Shaji, Secretary of the Department of Financial Services (DFS) Vivek Joshi and other senior officials of DFS.

Seetharaman took note of NABARD’s significant initiatives in recent years and advised the institution to work towards ensuring efficiencies and results at ground level with improving rural incomes as a top priority.

NABARD has also been directed to facilitate grouping of organic producers by Farmer Producer Organizations (FPOs), with a focus on the Northeast.

Sitharaman said that improving the digital capabilities of rural financial institutions, including regional registration agencies, is being facilitated as a priority to increase meaningful financial inclusion.

Referring to the various measures taken by NABARD following the visit of the Finance Minister to various countries to drive development and financial inclusion, NABARD Chairman informed Sitharaman about the Rs 25,991 crore development package for infrastructure development, FPOs, SHGs, off-farm development for Jammu and Kashmir.

Also read: Millet needs to be impulse to buy

Northeast focus

FM also reported an enhanced RIDF allocation for 2022-23 from Rs.800 crore to Rs.1,400 crore. The NABARD Chairman also indicated to the Finance Minister that ₹366.93 crore has been released to Jammu and Kashmir for the recapitalization of 3DCCBs.

For Nagaland, the Finance Minister was briefed on satisfying all government schemes and also about 256 credit networking camps organized in the state by banks in which 38,370 loans were sanctioned.

For Karnataka, the NABARD Chairman told the Finance Minister that RIDF support of ₹25 crore has been approved for UAS, Raichur of Millet Value Chair Park.