The New Chief General Manager of the National Bank for Agricultural and Rural Development (NABARD), Loken Das, gave his maiden interview to Business North East, discussing his new plans for the bank.
Excerpts of the interview are as follows:
BNE: You have recently joined as the new CGM of NABARD. What are your plans going forward?
CGM: Thank you. NABARD is committed to ushering in prosperity in rural Assam. In the short to medium term, NABARD’s plan is to make positive interventions in the agriculture and rural development space to improve the lives of rural folks in Assam.
NABARD is committed to promoting prosperity in rural Assam through short- to medium-term interventions in agriculture and rural development. These include climate-resilient agricultural practices, increasing food grain and cereal production, implementing the Central Sector Scheme for Computerization of Primary Agricultural Credit Societies, focusing on horticulture, spices, medicinal and aromatic plants, rejuvenating the handloom sector, building artisans' capacity, preserving the state's rich cultural tapestry, mitigating climate risk through technology-based farming practices, supporting agri-start-ups, promoting rural MSMEs, enhancing financial inclusion, and institutional building. In the long term, NABARD plans to transform the rural economy by creating state-of-the-art infrastructure in rural areas, including social infrastructure like hospitals, engineering colleges, model schools, and rural connectivity through roads and bridges. The vision of NABARD aligns with the Chief Minister's vision of making Assam one of the top five ranked states in the country.
BNE: Please let us know about your prior experience and how you will use it in your current position.
CGM: My job in NABARD has taken me to many places within and outside the country. I intend to utilize the rich experience I have gained while discharging my duties in various capacities in NABARD to transform the lives of people in rural Assam.
BNE: NABARD is thoroughly linked to the upliftment of rural people, be they farmers, artisans, etc. How are you going to improve it even more?
CGM: NABARD, a key player in rural India's development, is focusing on Assam to uplift marginal and small farmers, rural artisans, and craftsmen. The organization aims to enhance agricultural productivity and sustainability by introducing advanced farming techniques, improved seed varieties, and better irrigation facilities. It also supports organic farming and promotes crop diversification to ensure environmental conservation.
NABARD's financial inclusion and support schemes aim to make financial services accessible to the rural populace, providing credit support to small and marginal farmers, empowering rural women, and fostering a culture of savings and entrepreneurship. Key initiatives include facilitating easy access to credit for farmers, promoting SHGs and microfinance institutions, and financial literacy programs.
Infrastructure development is another key focus of NABARD, with funding for rural infrastructure projects, development of rural roads, bridges, and storage facilities, and improving irrigation infrastructure. Skill development programs are also being implemented to enhance the craftsmanship of rural artisans and craftsmen, making their products competitive in both national and international markets.
NABARD also promotes rural entrepreneurship, fostering a spirit of entrepreneurship among rural youth and women. Financial support, training, and market access are being provided to create a new generation of rural entrepreneurs who can drive economic development in their communities.
Climate resilience and sustainable practices are also being promoted, including the adoption of drought-resistant crops, water conservation techniques, and sustainable land management practices. These measures will help safeguard farmers' livelihoods against the adverse effects of climate change.
NABARD's comprehensive approach to rural development in Assam is set to bring about significant positive changes in the lives of marginal and small farmers, artisans, and craftsmen. By enhancing agricultural productivity, promoting financial inclusion, improving infrastructure, building skills, fostering entrepreneurship, and promoting sustainable practices, NABARD is paving the way for a brighter, more prosperous future for Assam's rural communities.
BNE: Recently, the Assam cabinet has decided to raise a loan of Rs. 634 crores from NABARD. Can you please discuss it?
CGM: The Government of Assam has been availing financial assistance from NABARD to address critical infrastructure gaps in the state. NABARD has been glad to partner with the Government of Assam in supporting infrastructure creation in the state, which encompasses social infrastructure, agri and allied infrastructure, flood protection infrastructure, improving rural connectivity through the construction of bridges and roads, and the construction of educational institutions. This infrastructure will go a long way in powering the sustainable economic growth of Assam.
BNE: What plans does NABARD have for climate protection and creating awareness among farmers?
CGM: NABARD has initiated several measures to mitigate the risks of climate change on the agrarian economy of the state. These include the creation of the Climate Change Fund – Interest Differential (CCF-ID), which aims to support climate action in the agriculture and rural development sector. The CCF-ID aims to finance innovative, sustainable projects that contribute to building resilience, creating sustainable agricultural systems, reducing greenhouse gas emissions, and promoting sustainable livelihoods. NABARD has also released its Climate Strategy 2030, which focuses on four key pillars: accelerating green lending across sectors, playing a broader market-making role, green transformation within the organization, and strategic resource mobilization.
NABARD Assam RO is supporting two climate-resilient IoT-based projects under the Farm Sector Promotion Fund (FSPF) in Sivasagar and Nagaon districts. These projects aim to provide real-time farm-based solutions using IoT devices, such as automated wireless weather stations, remote sensing services, soil moisture sensors, and AI-based pest management. NABARD also promotes climate-proofing interventions under the Watershed Development Projects, including the installation of automated wireless weather stations, soil moisture sensors, solar pumps, and micro and drip irrigation systems.
BNE: Please tell us your opinion about the union budget in the monsoon session.
CGM: The Union Budget 2024-25 has allocated Rs. 1.52 lakh crore for agriculture and allied sectors, aiming to create an inclusive economy and generate opportunities for Bharat @ Amrit Kaal. The budget focuses on four strategic issues: productivity and sustainability, self-sufficiency and resilience, and diversification. Priority areas for improving productivity and resilience include transforming agricultural research, releasing new varieties, natural farming, mission for pulses and oilseeds, vegetable production and supply chains, digital public infrastructure for agriculture, and shrimp production and export. NABARD Assam RO has recently supported a project on the promotion of integrated natural farming in Biswanath district, involving 50 farmer beneficiaries and promoting integrated natural farming practices. 109 high-yielding and climate-friendly crops will be released for cultivation, and a network of nucleus breeding centers for shrimp broodstocks will be established, with funding for shrimp farming and exports facilitated through NABARD.
BNE: How is NABARD collaborating with other national and international organizations?
CGM: I am glad that you asked that question. NABARD has always been at the forefront of rural development in India. Its efforts in Assam and other regions are significantly bolstered through strategic collaborations with various national and international organizations. These partnerships enhance the scope and impact of NABARD's initiatives, ensuring comprehensive support for rural communities and also help in cross-learning best practices prevalent in other parts of the globe.
NABARD collaborates with various government and non-government organizations to enhance its developmental impact. Key partnerships include the Ministry of Agriculture and Farmers' Welfare, State Governments, National Rural Livelihood Mission, National Scheduled Caste Finance and Development Corporation Ltd., National Safai Karmachari Finance and Development Corporation Ltd., National Backward Class Finance and Development Corporation Ltd., Agriculture Universities, ICRA Institutions, National Centre for Financial Education, and Open Network for Digital Commerce.
International collaborations with prominent agencies like the World Bank, International Fund for Agricultural Development (IFAD), United Nations Development Programme (UNDP), Asian Development Bank (ADB), Bill and Melinda Gates Foundation, and Cornell University, NY, USA, provide global expertise, funding, and innovative practices for the holistic development of rural India. These collaborations offer benefits such as resource mobilization, knowledge exchange, capacity building, and comprehensive development.
NABARD's collaborations with national and international organizations are crucial in its mission to uplift rural India, ensuring comprehensive support for rural communities in Assam and beyond, leading to sustainable and inclusive development. These efforts empower individuals to lead better, more prosperous lives.
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