Mandate: Agriculture and Rural regional growth Concept: A mandate is a legal or official requirement that sets clear guidelines and expectations for...
Concept:
A mandate is a legal or official requirement that sets clear guidelines and expectations for a specific activity or project. In the context of the NABARD mandate, it specifically refers to the government's obligation to promote and accelerate the development of agriculture and rural regions through various programs and schemes.
History of NABARD Bank:
The National Bank for Agriculture and Rural Development (NABARD) was established in 1969 as an apex bank for agricultural development in India. It played a pivotal role in shaping the agricultural landscape of the nation.
Key Features of the Mandate:
Focus on rural development: The mandate explicitly emphasizes the bank's commitment to promoting rural development, encompassing areas like infrastructure, technology, and marketing.
Cross-sectoral approach: The mandate is not limited to specific sectors and encompasses various activities like rural infrastructure, agricultural marketing, and rural housing.
Performance-based funding: The bank receives a percentage of the money it lends through various schemes, ensuring accountability and transparency in utilization.
Focus on outreach and capacity building: NABARD actively promotes agricultural practices through various outreach programs and provides training and development to farmers and rural entrepreneurs.
Monitoring and evaluation: The bank regularly monitors and evaluates the progress of various schemes to ensure they achieve their intended outcomes.
Examples:
National Rural Employment Guarantee Scheme (NREGS): This scheme, launched in 2006, was a landmark initiative that provided employment opportunities to rural youth through wage-based employment and skill development.
Agricultural and Rural Infrastructure Development Bank of India (ARIDBI): This bank was established in 2005 to provide long-term loans and other financial products to farmers and rural entrepreneurs, promoting rural infrastructure and economic development.
Microloan scheme: This scheme, launched in 1995, offered small loans to farmers and rural entrepreneurs, empowering them to invest in essential agricultural activities.
Conclusion:
The NABARD mandate is a crucial legislation that lays down a clear framework for promoting agricultural and rural development in India. By focusing on rural development, cross-sectoral approach, performance-based funding, outreach, and monitoring, the mandate has played a significant role in achieving sustainable agricultural growth and rural prosperity