Hyderabad: With significant growth in agriculture and allied sectors, 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.
During the 37th review meeting of the State Level Bankers Committee held at T Hub, Telangana health minister Harish Rao expressed satisfaction with the annual loan target set for the current financial year at Rs 2,42,775 crore.
This represents a 13.42 percent increase from the previous year’s target of Rs 2.14 lakh crore.
Out of the loan target, the agriculture sector has been allocated Rs 1,12,762.59 crores, accounting for 60.85 percent of the priority sector share.
Harish Rao attributed the growth to initiatives such as Rythu Bandhu, 24-hour free electricity, Mission Kakatiya, Kaleswaram, and other irrigation projects, as well as support for agriculture allied sectors, fisheries, and livestock distribution programs.
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“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.
Giving due consideration to loan applications related to dairy and fisheries without unnecessary rejections, the minister urged officials to enhance awareness and collaborate with bankers to increase the number of beneficiaries, taking inspiration from the successful loan application patterns in the Warangal district.
“Furthermore, loans should be extended to individuals trained in rural self-employment training institutes,” said Harish.
Emphasizing the importance of transparent and efficient fund transfer to beneficiaries through banks for schemes like Rythu Bandhu and Rythu Bima, highlighting the substantial amount of money involved in such transactions, the finance minister stressed the need to prevent misappropriation of funds allocated for initiatives supporting the poor, farmers, and pension schemes.
Stressing on the need for an increased number of bank branches to meet the growing demands of the population, Harish Rao directed the reestablishment of branches that were previously relocated to urban areas in sanctioned villages.
He further recognized the comprehensive development of rural areas in Telangana since its formation and underscored the importance of bringing banking services closer to the people to meet their financial requirements.
“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.