Ganesan launches SFP, calls for banking expansion in unbanked blocks

KOHIMA — Governor La. Ganesan officially launched the State Focus Paper (SFP) 2024–25 during the annual state-level credit seminar organised by the National Bank for Agriculture and Rural Development (NABARD), Nagaland Regional Office, on Tuesday in Kohima.

The SFP presents potentials for various priority sectors in the state, highlights constraints in various inputs for development, identifies critical gaps in infrastructure, and provides suggestions for improvement.

Speaking on the occasion, Ganesan urged the state-level bankers’ committee to prioritise establishing brick-and-mortar branches in the 22 unbanked rural development blocks. He highlighted the state's significant agricultural potential and emphasised the importance of accessible credit in transforming this potential into prosperity, thereby boosting output and rural economies.

He encouraged NABARD, banks, and financial institutions to collaborate with the state government to develop tailored credit solutions, fostering an environment conducive to rural financial empowerment.

Tiakala Ao, the chief general manager of NABARD, briefed on Nagaland's agriculture sector, which engages over 60% of the population. She highlighted challenges such as low productivity and limited market access, underscoring the importance of prioritising agriculture for economic growth. She stressed the necessity for efforts in diversification and modernisation to address these challenges.

Stating that NABARD prepares potential linked credit plans for districts to guide credit extension to priority sectors, she affirmed that the SFP for Nagaland assesses a credit potential of INR 1,178.08 crore for 2024-25.

Ao maintained the importance of extending credit to farmers' producer organisations and primary agricultural credit societies, among others. Additionally, she cited a need to fast-track the saturation of kisan credit cards and focus on agriculture, horticulture, and food processing.

She stressed the importance of collaborative efforts from stakeholders in boosting Nagaland's economic growth, citing NABARD's commitment of over INR 90 crore for infrastructure, investment, and development activities during FY 2023-24.

Surabhi Bhattacharjee, deputy general manager, State Bank of India, pointed out Nagaland’s untapped natural resources and advocated for improved marketing strategies for local produce. She underscored the SFP’s function in setting higher targets and supporting local producers.