Haryana Chief Minister Unveils Ambitious ₹3.67 Lakh Crore Credit Plan to Strengthen Rural Economy
In a significant move aimed at bolstering Haryana's agricultural and rural sectors, Chief Minister Nayab Singh Saini addressed the State Level Credit Seminar organized by the National Bank for Agriculture and Rural Development (Nabard) in Chandigarh. The CM emphasized Haryana's pivotal role in ensuring national food security while highlighting the urgent need to address emerging challenges in the rural landscape.
Addressing Critical Agricultural Challenges
Chief Minister Saini pointed out that the agriculture sector and rural economy are confronting multiple new hurdles in the contemporary era. Key issues include declining groundwater levels, deteriorating soil health, shrinking landholdings, climate change impacts, and escalating production costs. He stressed that these factors collectively threaten the sustainability of farming communities and necessitate immediate intervention through robust financial and policy support.
Release of Nabard State Focus Paper 2026-27
On this occasion, the Chief Minister officially released the Nabard State Focus Paper for the fiscal year 2026-27. This comprehensive document assesses Haryana's priority sector credit potential at an impressive ₹3.67 lakh crore, marking a substantial 17 percent increase compared to the previous year. The paper outlines strategic allocations aimed at revitalizing the state's rural infrastructure and economic frameworks.
Detailed Breakdown of Credit Allocation
Nabard Chief General Manager Nivedita Tiwari provided an in-depth presentation of the report, detailing the credit distribution. Out of the total ₹3.67 lakh crore, ₹1.32 lakh crore is specifically earmarked for the agriculture sector, while ₹2.11 lakh crore is allocated to the Micro, Small, and Medium Enterprises (MSME) sector. This allocation underscores a balanced approach to fostering both traditional farming and entrepreneurial ventures in rural areas.
Call for Transparent and Timely Credit Access
Chief Minister Saini issued a strong appeal to banking institutions, urging them to ensure that timely, simple, and transparent credit facilities reach every eligible farmer. He emphasized that such accessibility is crucial for enabling food providers to achieve self-reliance and liberate themselves from dependency on middlemen. The CM acknowledged Nabard's instrumental role in this direction, praising its continuous support for agricultural and rural infrastructure development.
Strengthening Cooperative Institutions and MSMEs
The Chief Minister highlighted the vital contributions of MSMEs, Self-Help Groups, women entrepreneurship, and cooperative institutions in fortifying the rural economy. He noted that 710 Primary Agricultural Credit Societies (PACS) are currently operational in Haryana, with cooperative banks having undergone computerization to enhance efficiency. However, Saini expressed concerns over recent operational issues within PACS, emphasizing the necessity to restore farmers' trust in these entities due to their critical role in rural development.
Recognition and Future Vision
During the event, several committees were felicitated for their commendable performance in advancing rural credit initiatives. Chief General Manager Nivedita Tiwari welcomed the Chief Minister and other dignitaries, reiterating the collaborative efforts between the state government and financial institutions. The overarching goal is to empower farmers, entrepreneurs, and the rural economy, aligning with the vision of "Viksit Haryana – Viksit Bharat" (Developed Haryana – Developed India). This initiative represents a concerted push towards sustainable economic growth and resilience in the face of evolving agricultural challenges.
