Chennai, Dec 30 (KNN) For Salem in Tamil Nadu, Rs 331.96 crore has been allocated in the Credit Plan for the district for the financial year 2014-15.
Salem is located about 160 kilometres northwest of Coimbatore and about 340 kilometres southwest of the state capital, Chennai.
The remaining 14.79 per cent of the outlay has been set aside for other priority sectors such as retail businesses, housing loan and consumption loan, according to a media report.
The District Collectortorate has released the Potential Linked Credit Plan prepared by the National Bank for Agriculture and Rural Development (NABARD) for Salem district for the financial year 2014-15 at the district Level Review Committee Meeting recently.
The plan projected Rs 4,020.28 crore credit outlay under the priority sector which is 20.2 per cent more than the current financial year’s Annual Credit Plan for the district.
The segments such as agricultural, MSME and other priority sectors were allocated the maximum budget in the outlay.
In the maximum allocation of Rs 3,093.42 crore which is 76.95 per cent of total credit outlay.
In the farm sector, crop loan has the major share of Rs 1,658.4 crore, which is 53.61 per cent of credit outlay for the farm sector.
Rs 1,435.01 crore (43.69 per cent) has been allocated for agriculture term loan, which includes loan for land development, farm mechanisation, plantations, horticulture, market yard, poultry, dairy, ware house and storage facilities.
Salem district is known for mangoes cultivation and steel production. SAIL steel plant near Salem and MALCO are two major industrial plants located in the district. Mangoes are cultivated across the district. Mettur dam hydro and thermal power station is located about 50 km from Salem.