NABARD extends Rs 5,830 cr assistance to Jharkhand in FY25 to augment rural infra

Ranchi, Apr 4 (PTI) The National Bank for Agriculture and Rural Development (NABARD) on Friday said it has extended record assistance of Rs 5,830 crore to Jharkhand in the just concluded fiscal to boost rural infrastructure.

This support has significantly catalysed rural infrastructure development, livelihood promotion, institutional strengthening, and financial inclusion in the state, the country's apex rural development financial institution said in a statement.

"NABARD has extended record developmental assistance of Rs 5,830 crores to the state of Jharkhand during the financial year 2024-25... The state has witnessed a 20 times increase in long-term refinance, with total disbursements touching Rs 2,701 crore for the FY 2024-25," it said.

The lion's share of this support was availed by the Jharkhand Rajya Gramin Bank and the Jharkhand State Cooperative Bank, amounting to Rs 2,143 crore, the statement said.

Under the Rural Infrastructure Development Fund (RIDF), NABARD extended Rs 1,988 crore to the state government for critical infrastructure projects.

"Major interventions included two mega lift irrigation projects in Giridih and Palamu districts, targeting the creation of irrigation potential over 28,500 hectares," it said.

Additional projects sanctioned included 396 rural godowns and marketing centres, 211 rural bridges, besides 19 safe drinking water supply projects.

"These initiatives are expected to significantly improve irrigation coverage, rural connectivity, sanitation, health and education outcomes," the statement said.

The bank claimed to have promoted 244 farmer producer companies (FPCs) across Jharkhand, directly impacting the livelihoods of over two lakh farmers by improving market access and input supplies.

Of these, 53 FPCs have been boarded onto the ONDC (open network for digital commerce) platform, opening avenues for e-commerce participation.

To bolster the outreach and efficiency of primary agriculture cooperative societies (PACS), NABARD said it has completed phase I of computerisation of 1,500 PACS, including the development of 281 ePACS.

This initiative aims to enhance transparency, service delivery, and digital inclusion at the grassroots. In the coming financial year, the remaining 2,871 PACS will be computerised, it said.

With tribals forming 26 per cent of the state's population, NABARD said it is implementing 61 tribal development projects, impacting over 40,000 tribal families through orchard-based livelihoods and other sustainable activities.

It said recognising the importance of soil and water conservation, it is currently implementing 51 watershed development projects, covering 58,500 hectares and benefitting more than 50,000 rural families, with long-term benefits to agricultural productivity and climate resilience.

It claimed to have actively supported the off-farm sector by promoting rural artisan collectives, providing skill development, and facilitating market accessibility and said that efforts are underway to secure GI tags for Kuchai and Bhagaiya silk besides Athe Mutton of Deoghar, Sweet Tamarind of Simdega, and Biru Gamchha.

It said it supported 8,963 financial and digital literacy camps across the state, ensuring deeper penetration of formal financial systems and digital tools in rural Jharkhand.

NABCONS, the consultancy arm of NABARD, provided expert services across agriculture, irrigation, banking, and allied sectors throughout the 2024-25 fiscal, playing a pivotal role in planning and project execution for various stakeholders, it said.

Priority areas for NABARD in the 2025-26 fiscal include financial inclusion, credit access for tenant farmers, strengthening the rural financial institution and rural MSMEs among others. PTI NAM ACD

Source: PTI