Rs 5.4L cr annual credit plan released at State Level Bankers Committee meeting

CM urges banks to lend liberally to farmers, focus on five key sectors
Chief Minister Nara Chandrababu Naidu chairing the SLBC meeting at the State Secretariat in Velagapudi on Tuesday
Chief Minister Nara Chandrababu Naidu chairing the SLBC meeting at the State Secretariat in Velagapudi on Tuesday Photo | Express

VIJAYAWADA: The State Level Bankers Committee (SLBC), which met under the chairmanship of Chief Minister N Chandrababu Naidu at the State Secretariat on Tuesday, released the annual credit plan of Rs 5,40,000 crore for the financial year 2024-25.

The credit plan earmarked Rs 3.75 lakh crore for the priority sectors and Rs 1.65 lakh crore for others. Compared to the last fiscal, the credit plan target for the priority sectors has increased by 16%. The credit plan for the agriculture sector was set as Rs 2,64,000 crore, which is 14% more than the last fiscal.

For dairy, poultry, fisheries, farm mechanisation and infrastructure, the credit plan allocated Rs 32,600 crore. It earmarked Rs 87,000 crore for MSME sector for the current fiscal as against Rs 69,000 crore in the last fiscal. For housing, Rs 11,500 crore was earmarked, and Rs 8,000 crore for the non-conventional energy sector.

Speaking on the occasion, the Chief Minister said the banks should lend liberally to the agriculture sector, and at the same time an ecosystem for lending to tenant farmers should be created. “There is a need for better coordination between the government and banks to achieve the credit plan target,” he said.

Naidu said the faulty policies and questionable decisions of the previous regime derailed several sectors, and to bring them back on track, the cooperation of banks is very important.

He said to achieve better results in five key sectors, a committee with a minister, bankers and experts will be constituted. The committee will implement an action plan to realise the set targets. “Banks need to focus on wealth-creating sectors. At the same time, they need to encourage digital payments, which will reduce corruption and increase productivity,” he said. The Chief Minister said the P4 system will soon be implemented for the alleviation of poverty in the State.

Minister for Agriculture K Atchannaidu urged the bankers to encourage horticulture and aquaculture in a big way by extending loans.

Minister for Finance Payyavula Keshav said the new government will strive to realise the aspirations of the people, and sought the cooperation of the bankers in this endeavour. “When the whole nation is talking about double-digit growth, the Chief Minister is aiming at doubling the economy,” he added.

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