Centre may hike agri credit target to Rs 18 lakh cr

With a view to give a boost to the agriculture sector, the government is likely to raise farm credit target to about Rs 18 lakh crore in the Budget 2022-23 to be presented on February 1, according to sources.

For the current financial year, the government has set a credit target of Rs 16.5 lakh crore. The government has been increasing the credit target for the farm sector every year and this time also, the target is likely to be increased to Rs 18-18.5 lakh crore for 2022-23, the sources said.

The number will be frozen at the time of giving final touches to the Budget figure in the last week of the month, the sources said.

The government fixes annual agriculture credit, including crop loan targets for the banking sector.

The agricultural credit flow has increased consistently over the years, exceeding the target set for each fiscal. For instance, credit worth Rs 11.68 lakh crore was given to farmers in 2017-18, much higher than the Rs 10 lakh crore target set for that year.

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