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Informist, Tuesday, Nov. 26, 2024

 

--NABARD head: There is rural consumption; loans and investment are going up 

--CONTEXT: NABARD head Shaji K.V. speaking at sidelines of CII fintech summit 

--NABARD head: Must channelise consumption investments into asset creation 

 

NEW DELHI - The higher loan disbursements and investor appetite in rural areas reflect robust consumption, National Bank for Agriculture and Rural Development Chairman Shaji K.V. said Tuesday. "There is demand for credit, that reflects the consumption appetite," Shaji said on the sidelines of Confederation of Indian Industry's Financial Inclusion and Fintech Summit.

 

The finance ministry, in its Monthly Economic Review for October, released on Monday, said rural demand was "particularly striking". This was reflected in the robust growth of two-wheeler sales and record-high tractor sales in October, the ministry said.

 

Consumption demand, especially from rural households, is under focus this year as weak rural demand in 2023-24 (Apr-Mar) had dented consumption demand during the year. 

Though rural demand is upbeat, Shaji said currently, a lot of borrowing is happening to fund routine consumption needs like mobile phones and electrical utilities and that needs to be channelised into asset creation.  End

 

Reported by Priyasmita Dutta

Edited by Vandana Hingorani

 

 

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