Palnadu Poised To Emerge As Entrepreneurship Hub, Says CM
The Chief Minister observed that AP was in severe financial distress when the present government assumed office two years ago.
VIJAYAWADA: Chief Minister N. Chandrababu Naidu on Friday said Palnadu would emerge as a major hub for entrepreneurs, while stressing that easy access to institutional credit is essential for economic growth and sustainable livelihoods across Andhra Pradesh.
Addressing the mega credit outreach programme at Narasaraopet, the chief minister distributed loans worth Rs 3,216 crore to 1,03,246 beneficiaries in Palnadu district. The beneficiaries included 15,000 DWCRA women and 13,355 entrepreneurs, with the programme jointly organised by the Union Ministry of Finance and public sector banks.
Naidu said the government's objective is to ensure that every eligible farmer, student, self-help group member and entrepreneur has access to timely credit. Banks, he observed, should not be viewed merely as lending institutions but as vital partners in the state's development journey.
The Chief Minister observed that AP was in severe financial distress when the present government assumed office two years ago. The support extended by the central government has helped revive key projects, including Amaravati, Polavaram and the Visakhapatnam Steel Plant, he said.
Naidu said Andhra Pradesh would receive Rs 7,707 crore from the Centre under the VBG RamG programme. In addition, the Centre is extending Rs 40,000 crore to transform Rayalaseema into a major horticulture hub.
Highlighting the achievements of women's self-help groups, he said AP’s 10 lakh DWCRA groups have accumulated savings of Rs 29,000 crore, making them among the country's best-performing SHGs. Their loan repayment rate of 99.5 per cent reflected their financial discipline and credibility.
The Chief Minister also announced that similar mega credit outreach programmes would be organised in six more districts and later held once every three months to expand financial inclusion and promote entrepreneurship.
As part of the programme, loan sanction letters and cheques were distributed to beneficiaries.
Under corporate social responsibility initiatives, Union Bank of India donated an ambulance worth Rs 42.16 lakh to the government hospital at Piduguralla. NABARD provided two mobile demonstration vans worth Rs 25 lakh to the District Cooperative Central Bank, while 301 bicycles worth Rs 17.80 lakh were distributed to girl students. A regional rural bank also donated two battery-operated vehicles worth Rs 14 lakh to the tourism department.
The Chief Minister flagged off the vehicles and later distributed tricycles free of cost to persons with disabilities.
Finance minister Payyavula Keshav, MPs Lavu Sri Krishna Devarayalu and Bhashyam Ramakrishna, legislators, senior bank officials and beneficiaries attended the event.
