Telangana banks urged to support agriculture infrastructure and non-farming sectors

Deputy CM Mallu Bhatti Vikramarka urged banks to strengthen agriculture and rural infrastructure, highlighting Telangana’s rapid economic growth and ambitious target of becoming a $3 trillion economy by 2047.

Hyderabad: Deputy Chief Minister Mallu Bhatti Vikramarka on Friday called upon banks to play a strategic role in strengthening agriculture, rural infrastructure and employment generation.

He asserted that the Telangana government was committed to transforming the State into a $3 trillion economy by 2047.

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Addressing the 49th State Level Bankers’ Committee (SLBC) meeting at Praja Bhavan, Bhatti Vikramarka said Telangana was growing at 10.7 per cent, significantly higher than the national average growth rate of 8.2 per cent. He said the State’s per capita income stood at Rs 4.18 lakh, compared to the national average of Rs 2.10 lakh.

The Deputy Chief Minister who also holds the Finance portfolio, stated that total bank deposits in Telangana had reached Rs 9.43 lakh crore, while advances touched Rs 12.34 lakh crore, taking the credit-deposit ratio to 130.78 per cent.

Terming agriculture as the backbone of the State economy, he said banks surpassed agricultural and allied sectors’ lending targets by disbursing Rs 1.68 lakh crore against the target of Rs 1.65 lakh crore during 2025-26. He announced that interest-free loans to women self-help groups would be enhanced from Rs 5 lakh to Rs 10 lakh to promote women’s economic empowerment.

Agriculture Minister Tummala Nageswara Rao urged banks to expand agricultural lending beyond short-term crop loans and focus on long-term investments in farm infrastructure, food processing and value-added agriculture.

The Minister said Telangana agriculture was rapidly diversifying into horticulture, oil palm, dairy, fisheries, protected cultivation and mechanisation, requiring stronger institutional credit support. He asked banks to prioritise loans for warehouses, cold storages, food processing units, drip irrigation, solar-powered agriculture and mechanisation.

He also pointed to growing opportunities in horticulture and oil palm cultivation, stating that Telangana imported vegetables worth nearly Rs 4,500 crore annually from other States, creating major opportunities in cold chain and food processing sectors.