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NABARD's augmented-support boosts rural economy in J&K, Ladakh UTs in 2020-21

JAMMU: Keeping in line with its vision "Development Bank of the Nation", NABARD augmented support to the various sectors of rural economy during 2020-21, for overall development of Jammu & Kashmir and Ladakh UTs.

The sanctions under various interventions were higher by 70% over the last year.

NABARD's stress on boosting the capital formation resulted in disbursement of refinance of Rs 111 crore to Regional Rural Banks.

To support the agriculture production activities of farmers, short term refinance to the tune of Rs 50 crore was extended during 2020-21. Further, in Atam Nirbhar Package of Government of India under Additional Emergency Working Capital Funding for farmers, NABARD extended a support of Rs 150 crore to JKGB.

Financing a variety of rural infrastructure projects has emerged as one of the most dominant themes of rural India's growth.

During the last year, NABARD has sanctioned projects amounting to Rs.787 crore for 36 water supply schemes, construction/improvement of 115 rural roads, construction of 05 fruit and vegetable markets, construction of 05 agriculture extension infrastructure projects and 08 irrigation & flood control projects.

For promoting financial inclusion and taking banking services to people, NABARD sanctioned Rs. 6.12 crore under the Financial Inclusion Fund (FIF) towards a host of initiatives like Financial Literacy Camps, Demonstration of Banking Technology through ATM Vans, Micro -ATMs, Hand Held projectors, Centers for Financial Literacy and various other types of capacity building projects.

For enhancing the income of farmers, NABARD continues to focus on Natural Resource Management under which assistance was extended for tribal development and watershed/spring shed development projects. NABARD has sanctioned 07 innovative projects such as ‘Vegetables and Fodder production through Hydroponics System', ‘Empowerment of Rural Youth through Entrepreneurship Development in Pig Farming', ‘Development of Bee Village for Collective Marketing of Honey', etc.

To facilitate organization of farmers into FPOs, NABARD provided assistance out of its own funds and has identified 07 agencies as CBBOs under the Central Sector Scheme (CSS) for formation and promotion of FPOs. To support marketing of products of artisans / SHGs, 02 Rural Marts and 03 Mobile Vans were sanctioned during the year. 13 Skill Development Programmes (SDPs) on different trades, involving 400 candidates were supported during FY 2020-21.

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