Rural Infrastructure Development Fund (RIDF) Vital for Rural Economy Transformation, Says Financial Services Secretary Vivek Joshi
- ByStartupStory | October 12, 2023
Financial Services Secretary Vivek Joshi emphasized the pivotal role of the Rural Infrastructure Development Fund (RIDF) in transforming the rural economy and urged for the expedited completion of pending projects under the fund. RIDF was established by the government in 1995-96 to finance ongoing rural infrastructure projects, and it is managed by the National Bank for Agriculture and Rural Development (Nabard). Domestic commercial banks contribute to the fund to fulfill their shortfall in stipulated priority sector lending to agriculture. The primary objective of RIDF is to provide loans to state governments and state-owned corporations, enabling them to complete ongoing rural infrastructure projects.
During his inaugural address at a meeting with finance secretaries and other senior officers from state and union territory governments, Joshi highlighted RIDF’s vital role in rural economic transformation. He stressed the need for faster project completion, particularly for projects older than three years in all state governments. Additional Secretary Department of Financial Services, MP Tangirala, presented a detailed overview of RIDF achievements and the future outlook during the meeting.
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The states and union territories in attendance engaged in extensive discussions about various aspects of RIDF during breakout sessions. The constructive observations and suggestions arising from these deliberations were lauded by Joshi. He advised Nabard to review the guidelines and processes related to RIDF to accelerate project implementations and make RIDF more tailored to the states’ needs. The meeting also saw the presence of Nabard Chairman Shaji KV and National Housing Board (NHB) Managing Director SK Hota, among other senior officials.
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