For 2024-25, the Government of India has set a GLC target of ₹27.5 lakh crore, with a dedicated sub-target of ₹4.20 lakh crore for allied activities, viz. dairy, poultry, sheep, goat, piggery, fisheries, and animal husbandry (others).
The Finance Ministry on Friday said the Ground Level Agriculture Credit (GLC) has crossed ₹19 lakh crore in nine months of the current fiscal as against the target of ₹27.50 lakh crore for the entire FY25.Against the target of ₹27.50 lakh crore, agriculture credit to the tune of ₹19.28 lakh crore has been disbursed as of December 31, 2024, registering 70% achievement, the finance ministry said in a statement
In order to boost the credit to the rural sector with the help of effective and hassle-free agriculture credit, the government has been fixing annual targets for GLC.
Over the past decade (2014-15 to 2023-24), agricultural credit disbursement has witnessed an average annual growth rate of more than 13%, reflecting the increasing financial support extended to the sector.
In the financial year 2023-24, agricultural credit disbursement reached ₹25.48 lakh crore. For 2024-25, the Government of India has set a GLC target of ₹27.5 lakh crore, with a dedicated sub-target of ₹4.20 lakh crore for allied activities, viz. dairy, poultry, sheep, goat, piggery, fisheries, and animal husbandry (others).
This marks a more than three-fold increase in the Ground Level Credit (GLC) target, which has grown from ₹8 lakh crore in FY 2014-15 to ₹27.5 lakh crore in FY 2024-25.This underscores the substantial progress made in agricultural and allied sector credit disbursement, highlighting the effectiveness of targeted credit policies in meeting sectoral demands.
