Chief Minister N. Chandrababu Naidu presided over the 231st state-level bankers' committee meeting here on Tuesday and announced the state’s annual credit plan of Rs 6.6 lakh crore for the present fiscal.
Vijayawada:Chief Minister N. Chandrababu Naidu presided over the 231st state-level bankers' committee meeting here on Tuesday and announced the state’s annual credit plan of Rs 6.6 lakh crore for the present fiscal.
The Chief Minister said that this represents an ambitious 22 per cent increase from the previous year’s target and would bolster the economy, foster wealth generation and alleviate poverty in Andhra Pradesh over the next four years. Continuing to work in line with the Swarnandhra-2047 vision, the focus will also be laid on completing the projects by 2049 and achieving other goals, he said.
Chairing the meeting at the state secretariat, Naidu sought full cooperation from bankers to reach this goal, and told them to try and surpass the credit plan targets set for 2025-26.
He discussed with bankers the results achieved during the 2024-25 fiscal and then set the target for the present fiscal.
Naidu congratulated the bankers for exceeding the target set for AP, to be on top in south India. “See what best can be done for the progress of DWCRA women, tenant farmers, SCs, STs, BCs and the minorities,” he told them.
The primary reason for frequent holding of the SLBC meetings, Naidu said, is that he wants to garner the support of bankers for AP’s progress and effecting improvements in the living conditions of the people. The state, he said, would roll out projects on a massive scale. MSME units are being set up in every assembly segment with the aim of having 'one entrepreneur for every family'. The Ratan Tata Innovation Hub too would soon be established.
“We are implementing the 'zero poverty P-4' to remove economic imbalances and end poverty by 2029. Visakhapatnam is progressing well both financially and industrially. Amaravati is being made a platform for future opportunities, while Rayalaseema will be developed as a horticulture hub and centre for electronic products,” the Chief Minister said.
Naidu urged the bankers to focus on the petro-corridor. “Fishermen should be sanctioned loans directly. They are suffering heavily due to meddling by middlemen. There are huge opportunities in the maritime economy,” he said and felt, “If their energies are utilised properly, miracles can be achieved. This too needs bankers' support.”
The bankers explained that they have crossed the credit plan for the last fiscal, set at `5,40,000 crore. Loans were sanctioned to the extent of Rs 6,83,672 crore. This meant a 127 per cent growth in the target. The priority sector was given Rs 4,14,824 crore and the non-priority sector Rs 2,68,848 crore.
In the farming sector, the credit plan for the previous fiscal was ` 2,64,000 crore. Banks have exceeded this and extended Rs 3,07,089 crore. In MSMEs too, the credit plan was implemented well, they claimed.
Finance minister Payyavula Kesav asked why the growth rate was coming down in credit plan implementation every year. This must be rectified, he said.
