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MUMBAI: Medicinal, aromatic and herbal
crops (MA&H) can provide banks and financial institutions an opportunity to
achieve the target of 18 per cent under agricultural lending, Nabard
chairperson Ranjana Kumar said here on Wednesday. "Banks and FIs have to play a more proactive role in
development of MA&H crops as this will open up a new avenue for
diversifying agricultural credit, especially when banks are finding it
difficult to achieve the stipulated target of 18 per cent under agricultural
advances," Kumar said, inauguarating a seminar on MA&H crops here. An area of 10 lakh acre is under herbal
crops, of which about seven lakh acre is under established medicinal and
aromatic crops, she said. "Based
on this assumption, it is estimated that more than Rs 500 crore is needed
annually only for cultivation and primary processing at the farmers level. The
amount will cross Rs 1,000 crore if the credit needs of the industry are also
taken into account," she added. Kumar said NABARD has devised a concept
of rating through Crops Suitability Index (CSI) for 50 species which would act
as a ready reckoner to bankers and enterpreneuers. NABARD also mooted creation of a special fund to support promotion
of cultivation and processing of medicinal and aromatic crops (MACs). She said the government has also emphasised
the need for diversifying tobacco cultivation with nearly five lakh hectare
under cultivation.under agricultural lending, Nabard chairperson Ranjana Kumar
said here today. "Banks and FIs have to play a more
proactive role in development of MA&H crops as this will open up a new
avenue for diversifying agricultural credit, especially when banks are finding
it difficult to achieve the stipulated target of 18 per cent under agricultural
advances," Kumar said, inauguarating a seminar on MA&H crops here. An area of 10 lakh acre is under herbal
crops, of which about seven lakh acre is under established medicinal and
aromatic crops, she said. "Based on this assumption, it is
estimated that more than Rs 500 crore is needed annually only for cultivation
and primary processing at the farmers level. The amount will cross Rs 1,000
crore if the credit needs of the industry are also taken into account,"
she added. Kumar said NABARD has devised a concept
of rating through Crops Suitability Index (CSI) for 50 species which would act
as a ready reckoner to bankers and enterpreneuers. NABARD also mooted creation of a special fund to support promotion
of cultivation and processing of medicinal and aromatic crops (MACs). She said the government has also emphasised
the need for diversifying tobacco cultivation with nearly five lakh hectare
under cultivation. |
