Financial Daily from THE HINDU group of publications
Friday, Aug 26, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 26, 2005 |
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Money & Banking
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Agricultural Institutions Industry & Economy - Rural Development Rural infrastructure — Nabard disbursals to States at Rs 25,384 cr Our Bureau
Mumbai , Aug. 25 The National Bank for Agriculture and Rural Development (Nabard) has already disbursed Rs 25,384 crore to States out of the Rs 42,949 crore sanctioned in the Budget for building rural infrastructures, says Ms Ranjana Kumar, Chairperson, Nabard. "If India is to achieve 8 per cent growth in GDP, the growth rate of agriculture must be 4 per cent per annum as against the 1.5 per cent growth in 2004-05. For facilitating such a high growth rate, Nabard has been taking multi-pronged initiatives," Ms Kumar said. She was delivering the sixth Kilachand Memorial Lecture on "Initiatives in rural financial intermediation", at the Indian Merchants Chamber. Ms Kumar was quoted as saying in a press release that Nabard was interacting with various agencies and stakeholders such as tate governments, commercial and cooperative banks, farm universities, research institutes and corporates for facilitating speedy and sustainable agricultural growth. There is also the urgent need for reforms related to legal aspects such as contract farming, landholding, tenancy rights and crop sharing in the agriculture sector. It is also necessary for many States to amend laws governing agricultural markets. "While a few states like Karnataka and Kerala have implemented the reforms, many others are dragging feet," Ms Kumar said. The share of the private sector in capital formation in the farm sector has improved from 69-74 per cent, which is a welcome feature," she said.
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