Telangana SLBC unveils annual credit plan of Rs 2.42 lakh crore

State's focus on agriculture and allied sectors, including fisheries and sheep distribution, has yielded positive results

Hyderabad: The State Level Bankers’ Committee (SLBC) of Telangana, has unveiled an annual credit plan with an outlay of Rs 2.42 lakh crore for 2023-24, an increase of 13.42 per cent over the previous fiscal’s Rs 2.14 lakh crore plan. Of this, priority sector lending target for this fiscal has been pegged at Rs 1.85 lakh crore, accounting for 76.33 percent of the total outlay.

Unveiling the annual credit plan at the 37th SLBC meeting held at T-Hub, along with Agriculture Minister S Niranjan Reddy here on Friday, Finance Minister T Harish Rao attributed Telangana’s status as the fastest-growing state in the country to the visionary initiatives of Chief Minister K Chandrashekar Rao. Highlighting Telangana’s economic growth, he said the State’s contribution to the country’s GDP has increased from 4.1 percent in 2014-15 to 4.8 percent in 2022-23.

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Harish Rao cited the remarkable growth of the agriculture and allied sectors, attributing it to the government initiatives such as Rythu Bandhu, uninterrupted free electricity, Mission Kakatiya, Kaleshwaram Lift Irrigation Project (KLIP), and other irrigation projects.

The State’s focus on agriculture and allied sectors, including fisheries and sheep distribution, has yielded positive results.

He said Telangana ranks second in the country for supplying the highest quantity of paddy to the Food Corporation of India (FCI), indicating a significant increase in Agriculture GSVA (Gross State Value Added) from 16.3 per cent in 2014-15 to 18.8 per cent by 2022-23.

The Minister also directed the officials to ensure more loans to priority sectors including education, medicine, housing, agriculture, and related sectors.

He also urged officials to raise awareness among the public and work closely with bankers to increase the number of beneficiaries. Additionally, he wanted the reinstatement of bank branches in rural areas and the provision of services to underprivileged individuals in villages to boost deposits. He suggested the bankers to provide more loans for oil palm cultivation.

Highlighting the growth in the industrial sector, Harish Rao credited the government’s business-friendly policies, particularly the TS-iPASS scheme, which attracted investments of Rs 20,237 crore and created job opportunities for 72,908 people through the establishment of 2,518 new industries in January 2022-23.

Regarding MSMEs, Minister Harish Rao acknowledged their contribution to employment generation in the state and urged bankers to grant loans of Rs 54,672 crore to these industries. He emphasized the importance of banks supporting small traders by providing loans and mentioned the government’s efforts to promote the development of different communities through subsidies ranging from 60 to 90 percent.

For women empowerment, it was suggested to provide loans to women and self-help groups as per the objectives. The banks were warned against charging excess interest against the RBI norms. The Minister appreciated the bankers for getting digital districts recognition to all districts in the State.

He wanted them to spread awareness about NABARD link programmes at the village level and ensure that the farmers benefit. He suggested them to consider a One-Time loan settlement offer for small and marginal farmers.

Finance Department Special Principal Secretary Rama Krishna Rao, SLBC Convenor Debashish Mitra, Agriculture Special Commissioner Hanumanth K, NABARD CGM Chintala Sushila, RBI Regional Director Nikhila, DFS Additional Commissioner Tangirala and representatives of all banks, farmers and small industry associations participated in the review meeting.