Telangana’s contribution to the country’s GDP has steadily risen from 4.1 percent in 2014-15 to 4.8 percent in 2022-23, with significant growth in agriculture and allied sectors.
Telangana health minister Harish Rao expressed satisfaction with the Rs 2,42,775 crore annual loan target set for the current financial year during the 37th review meeting of the State Level Bankers Committee held at T Hub.
This is an increase of 13.42 percent over the previous year’s target of Rs 2.14 lakh crore.
The agriculture sector has been allocated Rs 1,12,762.59 crores of the loan target, accounting for 60.85 percent of the priority sector share.
Harish Rao attributed the expansion to initiatives such as Rythu Bandhu, 24-hour free electricity, Mission Kakatiya, Kaleswaram, and other irrigation projects, and other irrigation projects, as well as support for agriculture allied sectors, fisheries, and livestock distribution programs.
“Telangana has emerged as the second-largest supplier of grains to the Food Corporation of India, thanks to increased crop production and expanded cultivated areas,” said Harish.
“The government aims to further support the development of priority sectors such as education, healthcare, housing, agriculture, and related industries by providing increased loans,” added the minister.
Taking inspiration from the successful loan application patterns in the Warangal district, the minister urged officials to increase awareness and collaborate with bankers to increase the number of beneficiaries.
“Furthermore, loans should be extended to individuals trained in rural self-employment training institutes,” said Harish.
The finance minister emphasized the importance of transparent and efficient fund transfer to beneficiaries through banks for schemes such as Rythu Bandhu and Rythu Bima, highlighting the significant amount of money involved in such transactions, and highlighted the need to prevent misappropriation of funds allocated for initiatives supporting the poor, farmers, and pension schemes.
Harish Rao directed the reestablishment of branches that had previously been relocated to urban areas in sanctioned villages, pointing out the need for an increased number of bank branches to meet the growing population’s demands.
He also acknowledged Telangana’s comprehensive development of rural areas since its inception, stressing the importance of bringing banking services closer to people in order to meet their financial needs.
“The government is committed to providing full support and cooperation in creating the necessary infrastructure, and lead bank managers have been instructed to review and submit reports accordingly,” informed Harish.
“In line with chief minister KCR’s vision, the government aims to provide increased loans for oil palm cultivation, a sector of utmost priority that contributes to the welfare of the nation, state, and farmers, said Harish.
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