Gangtok, February 23: The State Credit Seminar 2026–27, organised by the Sikkim Regional Office of the National Bank for Agriculture and Rural Development (NABARD), was held at a local hotel in Gangtok on Friday, bringing together senior government officials, banking representatives and development stakeholders to chart the state’s credit roadmap for the coming financial year.
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| Officials release the State Focus Paper 2026–27 during the State Credit Seminar organised by NABARD in Gangtok on February 23, 2026. (Image: DIO Gangtok) |
The inaugural session was attended by Chief Secretary of Sikkim, Ravindra Telang, as the chief guest. He was accompanied by Controller of Accounts & Secretary, Finance Department, MCP Pradhan; Commissioner-cum-Secretary, Agriculture and Horticulture Department, Jigme Dorjee Bhutia; Deputy General Manager, Reserve Bank of India (RBI), Rodney Valentine; Deputy General Manager, Local Head Office, Kolkata, State Bank of India (SBI), Alok Jain; and General Manager/Officer-in-Charge, NABARD Sikkim, Ajay Kumar Sinha.
Rs 1,701.42 Crore Credit Potential for 2026–27
On the occasion, NABARD formally released the State Focus Paper (SFP) 2026–27, the annual credit planning document for Sikkim. The paper estimates the aggregate credit potential for the financial year 2026–27 at Rs 1,701.42 crore.
The sector-wise break-up includes:
• Rs 589.04 crore (34.62%) for agriculture and allied sectors
• Rs 968.99 crore (56.95%) for MSMEs
• Rs 143.39 crore (8.43%) for other priority sectors
Credit Built on Trust and Growth: Chief Secretary
In his keynote address, Chief Secretary Telang underscored the critical role of credit in driving economic growth and human development. Describing the State Focus Paper as a guiding document for determining the credit outlay and developmental priorities of the state, he said credit is fundamentally built on trust and belief in a better future.
“When credit flows adequately, it reflects society’s confidence in growth and progress. Conversely, inadequate credit weakens economic motivation and limits entrepreneurial aspirations,” he observed.
He stressed the need to link welfare initiatives with credit-based growth models to encourage self-reliance and long-term sustainability. Calling upon banks, government departments and institutions to create an enabling environment, he urged them to ensure individuals feel confident in accessing credit and investing productively.
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Highlighting agriculture and allied sectors, the Chief Secretary advocated for focused, cluster-based development rather than fragmented approaches. He urged stakeholders to concentrate on high-value, niche products where Sikkim holds a comparative advantage and to develop reliable market linkages so producers, including Self-Help Groups (SHGs), can move beyond exhibitions and local sales to sustainable income generation.
Banks Reaffirm Commitment
Addressing the seminar, SBI DGM Alok Jain congratulated NABARD on the release of the State Focus Paper, calling it a comprehensive roadmap for sector-wise credit planning. He encouraged banks to support the transition from subsistence to commercial farming through improved practices, value addition and better market connectivity.
RBI DGM Rodney Valentine highlighted the importance of priority sector lending and urged banks to achieve sectoral targets, particularly in agriculture, MSMEs and allied activities. He also called for improved credit outreach in districts with lower penetration and stressed compliance with Know Your Customer (KYC) norms to facilitate smoother access to banking services and government schemes.
Focus on Agriculture and Allied Sectors
Commissioner-cum-Secretary Jigme Dorjee Bhutia described the seminar as an important platform to align financial support with Sikkim’s developmental priorities. He emphasised strengthening value addition, processing, branding and structured market linkages to enhance farmers’ income.
He advocated integrated development of agriculture with allied sectors such as fisheries and animal husbandry, adding that a holistic and inclusive credit approach would benefit small and marginal farmers across the state.
Sanctions and Development Initiatives
During the event, NABARD’s Sikkim Regional Office handed over sanction letters and disbursement support to partner institutions through the Chief Secretary. These included financial assistance to Sikkim State Cooperative Bank Ltd, support for Tribal Development Fund projects in Namchi and Mangan districts, incentives for expanding customer service points and business correspondents, and deployment of micro-ATMs to enhance digital financial inclusion.
In the technical session, Deputy General Manager, NABARD, Anil Kumar Yadav presented detailed credit projections under the SFP 2026–27. Other presentations highlighted NABARD’s interventions in rural infrastructure, financial inclusion, livelihood promotion, and Geographical Indication (GI)-related initiatives.
Beneficiaries also shared their experiences. Among them, Ugen P. Lepcha showcased the Geographical Indication certificates granted by the Government of India for the traditional Lepcha musical instruments, Tungbuk and Pumtong Pulit, highlighting the importance of GI recognition in preserving indigenous heritage and enhancing market value.
The welcome address was delivered by Ajay Kumar Sinha, while the vote of thanks was proposed by AGM, NABARD, Tempa C. Bhutia.
