New Delhi [India], July 12 : Union Home and Cooperation Minister Amit Shah on Wednesday said that the NABARD is playing a vital role in the development of rural areas and the prosperity of farmers across the country.
Shah was speaking at the 42nd foundation day of the National Bank for Agriculture and Rural Development (NABARD) here as a Chief Guest.
"The NABARD is playing a vital role in the development of rural areas and the prosperity of farmers across the country. In these 42 years, NABARD started new works, especially the work of refinance, and capital formation, which have been taken forward very well," Amit Shah said.
He said that today villages are becoming self-sufficient, and at the same time agriculture, the soul of the rural economy, is making its mark in the whole world.
The Union minister said that to fulfil the needs of agriculture and farmers, and to strengthen agri products, Rs 12 lakh crore has been refinanced to the rural agriculture economy under various schemes.
"In these 42 years, NABARD has done the work of refinancing 20 lakh crores in the rural economy with a growth rate of 14 per cent," he said.
Shah also said that the short-term credit in agricultural finance has increased to Rs 1.58 lakh crore, which was just Rs 896 crore, 41 years ago.
"In 1982, the short-term credit in agricultural finance was just Rs 896 crore, which has become Rs 1.58 lakh crore today," he said.
Taking note of the long-term loans, he said, "If we talk about long-term loans, then this amount was Rs 1 crore, it has become Rs 2300 crore today."
Highlighting the significance of NABARD, he stated that a nation with a 65 per cent rural population cannot prosper without it.
Shah also distributed Micro-ATMs to representatives of various Dairy Societies during the 42nd Foundation Day of NABARD.
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