Agriculture is priority sector, says Deputy CM Bhatti Vikramarka

He also stressed upon the need to extend more credit to oil palm cultivation and also establishment of food processing units in the State.

Hyderabad: Agriculture remains to be a priority sector for the State government in Telangana and efforts will be made to boost its growth as well as ensure farmers’ welfare, asserted Deputy Chief Minister Mallu Bhatti Vikramarka.

He asked bankers to have social and humanitarian approach with focus on extending credit to weaker sections and also Self Help Groups. Launching the annual credit plan of the bankers at the 41st State Level Bankers Committee (SLBC) meeting held here on Wednesday, Bhatti Vikramarka discussed the State government’s crucial initiatives including a Rs 2 lakh crop loan waiver for farmers and the annual loan plan for 2024-25.

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He emphasised the importance of loans for business development, acknowledging banks’ vital role in the economy. He called for quick loan approvals for the agriculture, pharma, and real estate sectors, besides giving special focus on housing and education loans to weaker sections.

“Telangana is the fastest growing State in the country and Hyderabad emerged as a safe haven for investments,” Bhatti Vikramarka stated.

He outlined plans to develop agro-based industries, software, and hardware parks with a strategy to develop urban, semi-urban, and rural areas into clusters.

He further assured the banks of all needed support from the State Government, in partnering with social development of the State. Agriculture Minister Tummala Nageswara Rao urged bankers to provide detailed loan information and support the expansion of oil palm cultivation across the state.

He criticised banks for favouring corporate companies over farmers, stressing the need for equitable lending practices and adherence to norms. He emphasised the need to focus more on agriculture and allied activities, over and the above the projected growth of 57 per cent targeted for the current financial year.

He also stressed upon the need to extend more credit to oil palm cultivation and also establishment of food processing units in the State. As per the annual credit plan for 2024-25, the credit disbursement is projected at Rs 6,33,777 crore with an increase of 161.05 per cent over last fiscal.

While disbursals under priority sector advances is proposed at Rs.2,80,550 crore with an increase of 51.38 per cent, the disbursals under agricultural sector are projected at Rs 1,34,138 crore.

An amount of Rs.1,29,635 crore is projected for disbursals under the Micro, Small and Medium Enterprises (MSME) sector. Around Rs 10,768.59 crore for Housing sector and another Rs 2,706 crore for Education loans have been allocated for the current fiscal. The total deposits of the banks were at Rs 7,79,953 crore during the previous financial year, registering an increase of Rs 96,547 crore.

The advances of all banks were at Rs 9,79,058 crore during previous fiscal, an increase by Rs 1,65,162 crore over 2023-24. Special Chief Secretary for Finance K Ramakrishna Rao, RBI regional director Kamal Prasad Patnaik, NABARD chief general manager Chintala Sushila, SBI CGM-Hyderabad circle Rajesh Kumar, SLBC convener and SBI GM Debashish Mitra also participated in the SLBC meeting.