Bengal's Agriculture Credit Set to Break Rs 1 Lakh Crore Barrier for First Time
In a landmark development for West Bengal's agricultural sector, credit disbursement is poised to cross the Rs 1 lakh crore mark for the first time in the current fiscal year 2025-26. This announcement was made by P K Bharadwaj, the Chief General Manager of the National Bank for Agriculture and Rural Development (Nabard), during the State Credit Seminar 2026 held in Kolkata on Friday.
Key Figures and Targets for Agriculture and Priority Sectors
According to Bharadwaj, agriculture credit in Bengal reached Rs 97,000 crore in the previous fiscal year, and this year's target is set at Rs 1.2 lakh crore. Balbir Singh, the General Manager of the State Level Bankers Committee, revealed that Rs 91,000 crore has already been achieved towards this goal. He expressed confidence, stating, "This year we shall achieve all targets, be it MSMEs, agriculture, or other priority sector lending."
Other priority sectors include horticulture, floriculture, animal husbandry, and fishing, which are part of the broader lending framework. Looking ahead, Bharadwaj outlined ambitious plans for the next financial year, with agro lending targeted at Rs 1.4 lakh crore for 2026-27. The total priority sector credit target is projected to rise to Rs 3.9 lakh crore from Rs 3.8 lakh crore in the current year.
Strong Recovery Rates and Growth in Food Production
Bharadwaj highlighted that the recovery rate for agro credit in Bengal is above 90%, second only to self-help groups, which boast a 99% recovery rate. He also noted that the growth rate of agriculture in the state is a healthy 4-5%, indicating robust sectoral performance.
On the MSME front, the credit target for 2025-26 was Rs 2.1 lakh crore, with Rs 1.9 lakh crore achieved by December 31, 2025, showcasing significant progress in this area as well.
Earlier in the seminar, Onkar Singh Meena, the Agriculture Secretary, provided additional context by revealing that food grain production in Bengal has increased by 28% over the last decade. He also mentioned that the state's cold storage capacity now stands at 91 lakh tonnes, supporting post-harvest management and reducing waste.
Seminar Attendance and Broader Implications
The State Credit Seminar 2026 was attended by key officials, including State Finance Secretary Prabhat Mishra and Agriculture Secretary Onkar Singh Meena, underscoring the government's commitment to agricultural and economic development. This event serves as a platform for setting financial priorities and strategies to boost rural and industrial growth in West Bengal.
With these targets and achievements, Bengal is positioning itself as a leader in agricultural credit and priority sector lending, driving economic growth and sustainability in the region.
