Connect with us
Monday,06-October-2025
Breaking News

Business

NABARD pegs Odisha’s credit potential for 2022-23 at Rs 1.34 lakh cr

Published

on

The National Bank for Agriculture and Rural Development (NABARD) has projected Odisha’s credit potential for the financial year 2022-23 at Rs 1,34,665 crore, officials said here on Tuesday.

The credit project for the year 2022-23 is 21.61 per cent higher than the previous year’s Rs 1,10,735 crore. This was known from the NABARD’s State Focus Paper for Odisha for the year 2022-23 released here on Tuesday.

Out of the total credit potential for the priority sector, the highest amount of Rs 52,050.78 crore (38.65%) has been assessed under the agriculture sector.

Under the agriculture sector, credit flow of Rs 48,221.10 crore (92.64%) is estimated under farm credit, which comprises both crop loans and term loans for agriculture and allied activities. Besides, credit potential under agriculture infrastructure and ancillary activities has been estimated at Rs 1,824.33 crore and Rs 2,005.34 crore, respectively.

Credit potential under MSME sector has been assessed at Rs 60,001.27 crore, constituting around 44.56 per cent of the total priority sector. Other sectors consisting of export credit, education, housing, renewable energy, others and social infrastructure have around 16.79 per cent share in the total credit potential under priority sector.

Releasing the paper, Odisha finance minister Niranjan Pujari emphasised upon the need for increasing the bank credit for priority sector in Odisha as government has been pushing lot of support through various schemes like Balaram, Kalia, Samrudhi, Millet Mission, FPOs etc and it’s time for banks to increase the credit flow for private capital formation substantially.

Activities such as animal husbandry, poultry, fisheries etc., leading to asset formation and diversification of the income basket of farmers need to be credit linked, Pujari said.

Principal Secretary Finance, Vishal Kumar Dev said that the State economy could withstand the negative impact of Covid and proved its resilience. Dev indicated that a five year long term planning exercise has been commenced for a structured development of the state.

He called upon the bankers for removal of rural and urban disparity among the districts in terms of extending financial services and paving way for sustained development. Dev asked all banks to achieve the set targets and increase the bar.

Chief General Manager of NABARD, C. Udayabhaskar said that concerted efforts need to be made for achieving the set targets for the current year and increase the credit flow to the priority sector.

The NABARD has been increasing their support for the infrastructure development, tribal development, watershed development and micro entrepreneur development among SHG women and will increase the developmental activities in the State, he said.

Business

Indian stock market ends holiday-shortened week on positive note

Published

on

Mumbai, Oct 4: The Indian equities closed the holiday-shortened week with a positive bias after recent corrections as investors’ confidence was reinforced with the RBI’s growth stance, analysts said on Saturday.

On Friday, Sensex ended the session at 81,207.17, up 223.86 points or 0.28 per cent. Nifty closed at 24,894.25, up 57.95 points or 0.23 per cent. The Nifty extended its pullback for the second straight session, crossing above its key 50-DMA at 24,830 and forming a bullish candle on the daily chart. After last week’s steep decline, the index displayed signs of recovery by closing above the 24,800 mark.

According to market watchers, upgrading the FY26 GDP growth forecast by the RBI to 6.8 per cent and announcing landmark reforms led to outperformance in the banking sector.

“Metals continued their upward momentum, supported by optimism over an anticipated Fed rate cut in October, a softer dollar index, and steady base metal prices,” said Vinod Nair, Head of Research, Geojit Investments Ltd.

Meanwhile, gold extended its safe-haven appeal, while silver rose on the back of strong industrial demand and supply-side constraints.

Consumer-facing sectors gained momentum on expectations of festive demand, whereas IT and pharma lagged amid the lack of progress on the US-India trade pact, said analysts.

According to a note by Bajaj Broking Research, benchmark indices ended the truncated week on a positive note, posting gains of nearly 1 per cent.

PSU bank stocks were another major contributor, with the Nifty PSU Bank index climbing over 4 per cent for the week. In Friday’s session, metals, PSU banks, and consumer durables led the gains, each rising between 1 per cent and 2 per cent.

Bank Nifty continue to demonstrate notable strength over the past 3-4 sessions. The formation of a bullish candle with a higher high and higher low in the daily chart signals continuation of the positive momentum underpinned by strength in large cap banking stocks.

Looking ahead, market momentum is expected to be supported by strong H2 FY26 earnings and seasonal demand tailwinds, though global trade developments and US policy actions could inject short-term volatility, said analysts.

The Fed’s recent 25-bps rate cut, coupled with prospects of further easing, is likely to bolster FII inflows into emerging markets, they added.

Continue Reading

Business

India’s growth firmly anchored in domestic factors amid global volatility: FM Sitharaman

Published

on

New Delhi, Oct 3: We are in an era of an unprecedented global volatility where rules of international engagement are being rewritten, but India’s growth is firmly rooted in domestic factors and the country’s capacity to absorb global shocks is strong, Finance Minister Nirmala Sitharaman said here on Friday.

She highlighted that India’s robust domestic factors minimise impact of global uncertainties.

“We are in a shifting global landscape which resembles a zero-sum approach. Indian economy is resilient and continues to grow sustainably,” FM Sitharaman said while delivering an inaugural address at the ‘Kautilya Economic Conclave 2025’ in the national capital.

“By 2047, becoming Viksit Bharat by self reliance does not mean we wish to be a closed economy. We have to reach 8 per cent GDP growth to get to the goal for a developed nation,” she told the gathering.

According to the Finance Minister, we cannot afford to be passive spectators in today’s era.

“We must be active participants. Nations need to make choices between new monetary architecture. No nation can insulate itself from systemic changes, we must prepare to engage with them. Tariffs, sanctions and decoupling strategies are reshaping supply chains. International institutions need to reflect today’s realities,” she stressed.

Finance Minister further stated that what we face is not a temporary disruption but a structural transformation.

“The scale of challenge is too big. We will be understating the challenge at hand; it is structural transformation,” she said.

“The world as a whole is looking to come out of uncertainty, the global order is shifting. The world that emerged out of cold war and pushed for globalisation seems to be a thing of the past. Rules of international engagement are being rewritten,” she mentioned.

FM Sitharaman pointed out that the global order is shifting, with multilateral institutions currently undermining confidence in the international community. She cited the recent G20 discussions, where experts deliberated on the need for reforms in multilateral institutions to restore stability.

Highlighting India’s twin-track approach, the finance minister said the nation aims to simultaneously attain developed economy status by 2047 and strengthen self-reliance, clarifying that self-reliance does not imply pursuing a closed economy.

Continue Reading

Business

Sensex, Nifty open lower over sustained FII selling

Published

on

Mumbai, Oct 3: The Indian benchmark indices opened with mild losses on Friday due to sustained FII selling, despite positive global cues and market optimism driven by the Reserve Bank of India’s dovish pause.

As of 9.20 am, the Sensex was down 191 points, or 0.24 per cent at 80,792 and the Nifty declined 56 points, or 0.23 per cent at 24,780.

The broad cap indices, Nifty Midcap 100 and Nifty Smallcap 100, inched up 0.22 and 0.14 per cent respectively. Tata Steel, Axis Bank, Kotak Mahindra Bank, Tata Motors and Asian Paints were among major gainers on the Nifty pack, while losers included Max Healthcare, Bajaj Finance, Shriram Finance and ICICI Bank, among others.

Among sectoral indices, Nifty Metal, the top gainer, advanced 0.89 per cent. Nifty PSU Bank (up 0.59 per cent) and Nifty Pharma (up 0.30 per cent) were other major gainers. Nifty Media and Nifty FMCG were the top losers down 0.65 per cent and 0.45 per cent respectively.

Analysts said that from a technical perspective, a sustained move above 24,900 could pave the way for a rally toward 25,000 and 25,150. The immediate support is placed at 24,750 and 24,600, which may act as potential entry points for long trades.

The US markets ended in the green zone overnight, as Nasdaq edged up 0.39 per cent, the S&P 500 added 0.06 per cent, and the Dow moved up 0.17 per cent in the last trading session.

Asia-Pacific markets mostly rose Friday, tracking Wall Street gains as investors shrugged off the US government shutdown. Investors are waiting to see how long the shutdown will last to assess the gravity of its economic repercussions.

While China’s Shanghai index added 0.52 per cent, and Shenzhen advanced 0.35 per cent, Japan’s Nikkei added 1.44 per cent, while Hong Kong’s Hang Seng Index declined 0.84 per cent. South Korea’s Kospi added 2.70 per cent.

Analysts said that the central bank’s bold initiatives to boost credit growth in the economy can positively sustain the momentum in the market, particularly in Bank Nifty. However, the sustained selling by FIIs in the market is unlikely to sustain this momentum.

FIIs are likely to further accelerate selling since the market construct provides them the opportunity to sell aggressively. Robust buying from DIIs can provide some support to the market, particularly in large-cap auto stocks, which have strong fundamental support now, they added.

In the last trading session on Wednesday, foreign institutional investors (FIIs) sold equities worth Rs 1,605 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,916 crore.

Continue Reading
Advertisement
Advertisement

Trending