Mumbai: In a major push towards inclusive economic development and the vision of “Viksit Maharashtra 2047,” Maharashtra Chief Minister Devendra Fadnavis and NABARD have unveiled an ambitious State Focus Paper (SFP) for 2026-27, projecting a priority sector credit potential of ₹10.28 lakh crore across the state.
The annual credit roadmap aims to channel institutional finance into key sectors including agriculture, micro, small and medium enterprises (MSMEs), rural infrastructure, self-help groups, farmer producer organisations and allied activities, creating a strong foundation for sustainable growth.
Of the total projected credit potential, agriculture and allied activities account for approximately ₹2.32 lakh crore, while MSMEs have been earmarked the largest share at nearly ₹6.67 lakh crore. The remaining allocation will support sectors such as exports, education, housing, renewable energy and other priority areas.
Speaking on the occasion, Chief Minister Devendra Fadnavis emphasized the importance of ensuring that credit reaches the grassroots and contributes directly to employment generation, entrepreneurship and rural prosperity. He highlighted the role of financial institutions in helping Maharashtra achieve its long-term development goals under the Viksit Maharashtra 2047 vision.
Integrated Farming for Higher Rural Incomes
One of the key highlights of the launch was the unveiling of NABARD’s “Silk Milk Meat” integrated farming model. The initiative encourages farmers to diversify income streams by combining sericulture, dairy farming and livestock activities with traditional agriculture.
The model seeks to reduce dependence on a single crop and create multiple sources of income for farming households. By integrating various farm-based activities, the programme aims to improve resilience against market fluctuations and climatic uncertainties while enhancing rural livelihoods.
Alongside the integrated farming initiative, NABARD also released its Unit Cost Booklet, which serves as a reference document for banks and financial institutions in assessing and financing various agricultural and rural development projects.
Focus on Financial Inclusion
The State Focus Paper places significant emphasis on strengthening financial inclusion by expanding access to institutional credit for Primary Agricultural Credit Societies (PACS), women’s Self-Help Groups (SHGs) and Farmer Producer Companies (FPCs).
Experts believe that improving access to formal finance for these institutions can play a crucial role in increasing agricultural productivity, strengthening rural enterprises and empowering women-led economic activities.
The strategy also aligns with several flagship national programmes, including the Pradhan Mantri Dhan-Dhaanya Krishi Yojana and the Pradhan Mantri Matsya Sampada Yojana, aimed at boosting agricultural and fisheries development.
Massive Credit Push Through Banking Network
The announcement follows deliberations at the 171st State Level Bankers’ Committee (SLBC) meeting chaired by the Chief Minister in Mumbai, where banks and financial institutions reviewed the state’s credit requirements and growth priorities. The meeting was graced by several distinguished dignitaries, including Smt Sunetra Pawar, Hon’ble Deputy Chief Minister of Maharashtra; Baba Saheb Patil, Minister for Co-operation; Dattatrey Bharne, Agriculture Minister, along with senior officials from the RBI, Government of Maharashtra, NABARD, SLBC, and leading banks.
The banking ecosystem has been tasked with ensuring timely and adequate credit flow to productive sectors, particularly agriculture and MSMEs, which together form the backbone of Maharashtra’s economy.
Industry observers note that Maharashtra’s position as one of India’s largest industrial and agricultural states makes the effective deployment of this credit potential particularly significant. Increased lending to MSMEs could strengthen manufacturing, services and entrepreneurship, while agricultural financing could accelerate modernization, diversification and value addition in rural areas.
Towards Viksit Maharashtra 2047
The State Focus Paper represents more than a credit assessment exercise. It serves as a strategic blueprint linking finance with development outcomes. By aligning banking resources with the state’s long-term economic priorities, Maharashtra aims to create a more resilient, inclusive and competitive economy.
As the state advances towards its 2047 development vision, the success of this ambitious credit roadmap will depend on effective implementation, robust banking outreach and the ability of institutions to ensure that credit translates into tangible economic opportunities on the ground.
