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NABARD explores into warehousing finance; sanction projects worth Rs 6064 cr under RIDF

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Exploring the opportunities in the agri-warehousing segment, NABARD has forayed into the sector by sanctioning 1,336 projects worth Rs1,112 crore to six state governments. The project sanctioned under the NABARD Warehousnig Scheme (NWS) is expected to create an additional scientific storage space of 7.49 lakh metric tonne (MT) for agricultural commodities.

Under the NWS Scheme a cumulative sanction of Rs2,158 crore has been made till date, creating a much required additional storage space 18.79 lakh MT. NABARD sees the opportunity prevalent as a prospective platform, wherein the total agri-warehousing capacity in India is about 109 million tonnes against a total demand of about 180 million tonnes. Also, with the agricultural production having reached 255 MT last year and target for the current fiscal at 259 MT, creating a scientific storage space to match the demand has been high on the agenda of Government of India and NABARD.

Besides, under the Rural Infrastructure Development Fund (RIDF), NABARD has sanctioned Rs6064 crore for projects from the agriculture and allied sector, rural connectivity and social sectors. Of the total outlay, 40% goes into the agriculture and allied sector, 44% into rural connectivity initiatives and 16% is to the social sector.

Through a Projects Sanctioning Committee meeting, NABARD approved 33 projects under the agriculture and allied sectors, 250 projects under rural connectivity and 804 projects under the social sectors. With the present sanctioning of Rs6064 crore, the total sanctioning under RIDF has increased to Rs19129 crore under the RIDF XIX.

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