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Bolster Agriculture sector
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Bolster Agriculture sector

Post by on Tuesday, March 1, 2022

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The global economic slump caused by the covid-19 pandemic is having a direct impact on many areas of the J&K economy, particularly export-driven businesses where demand has plunged to unimaginable levels. Experts are of the opinion that in order to bolster the economic activities in the UT, banks and other lending institutions need to reach out to people with innovative schemes to provide hassle free lending facilities to the priority and unorganized sectors with focus on agriculture and allied activities as majority of the population of the UT is dependent on agri-production for their livelihood. Over the years agricultural sector in Jammu and Kashmir is in shambles as the improper funding, lack of infrastructure and new scientific technology never reaches to the farmer properly. Most of the times the farmers lack the capital to imbibe the new technologies and methods to improve the crop production. Farmers are still using the age-old methods and equipments to grow and harvest their crops. The lack of cash has always been the most demoralizing factor against the growth of the growers in UT. Banks though have a number of schemes with them to make farmer cash rich, but their implementation and procedure is so tedious that most of the times farmers have to come bank empty handed. To acquire an easy loan from bank is next to impossible for a farmer due to hassles of documentation which wastes so much of their time and energy. Banks and government should create plans and schemes, which are not just farmer friendly, but are also hassle free and easy to get. The documentation part has to ease out so has to the rate of interest and collateral against the loan. All financial institutions have to understand the importance of the primary sector for the benefit of overall economy. As the global food prices keep on escalating, this sector could hold the key for future growth of the UT. And if the government and financial institutions support this sector with dedication and commitment it could truly be the precursor for unprecedented growth of economy. The agricultural sector holds the key of a prosperous Jammu and Kashmir and for that purpose sustainable actions are needed that can provide a cushion against global meltdown in the near future. 


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