AP CM YS Jagan Asks Bankers to Achieve Agri Term Loan Targets in Kharif

9 Jun, 2022 18:56 IST|Sakshi Post
CM unveils Annual Credit Plan 2022-23

Amaravati, June 9: Chief Minister  YS Jagan Mohan Reddy launched the State annual credit plan for 2022-23 at the 219th State Level Bankers’ Committee (SLBC) meeting held at the camp office here on Thursday. 

The State annual credit plan for 2022-23 with a total outlay of Rs 3,19,480 crore has 54 percent of loans to the Agriculture sector. It is targeted to give Rs 1,64,740 crore as loans in the Agriculture sector and also the target is to provide Rs 2,35,680 crore as loans to the Primary sector which is 73.76 percent of the State annual credit plan.

Speaking on the occasion, the Chief Minister said COVID led economic disruptions have had a debilitating impacts on the country's growth path and this is the first year that economic growth can be seen. He said the nominal GDP of the country for 2021-22 is Rs 237 lakh crore and the growth at current prices during that year as per the provisional estimates is 19.5 percent. He said the inflation at 7.79 percent is the highest witnessed in the last eight years and also the inflation in rural areas is 8.38 percent due to which Reserve Bank has increased the Cash reserve ratio and repo rates and it will have an impact on downtrodden people and also the negative impact on the manufacturing sector. The Chief Minister urged the bankers to redouble their efforts to lend more credit to support the downtrodden to withstand the pressure of inflation.

He said it is commendable that despite the constraints,  the annual credit plan target for 2021–22 has been surpassed to 133.19 percent and added that the banks have achieved 167.27 percent more than the target of the annual credit plan in terms of agriculture term loan and the loans were doubled at 208.48 percent for non-primary sectors. He said the efficiency of the banks needs to be increased in certain areas like exports, education and housing. He said the banks focus on why they couldn't achieve agriculture term loan targets in the Kharif season. He sought the bankers to take measures to achieve targets in regard to farm mechanisation and poultry and also to focus on providing loans to tenant farmers.

The Chief Minister said the state government has been providing Rs 10,000 interest-free loans to small vendors and artisans engaged in traditional handicrafts through banks and the banks have given loans to 14.15 lakh beneficiaries and asked the bankers to continue it. The Chief Minister said Banks have provided 90.55 percent of loans to MSMEs in 2021-21 which is less than the target and urged the bankers to focus in this regard. He urged the bankers to focus on providing loans to the poor for constructing houses and also to tie up with TIDCO houses beneficiaries and said the construction of houses will help the growth of the financial sector.

The Chief Minister said the state government has been committed to women empowerment and thus benefitting over one crore women in the state through various schemes including Interest-free loans, Aasara, Cheyutha and others. He said they are repaying the loans on time and sought the banks to reduce the interest rates of their loans. He said banks should give prominence to the priority projects of the state in their credit plan and added to make government employees a part in the preparation of the annual credit plan so that the priority projects would get a better place in the plan and those sectors would be benefitted.

The Chief Minister sought the support of bankers for Drone technology in the Agriculture sector, and the construction of harbours and ports. He said the state government, under DBT schemes, has been depositing the money into the accounts of the beneficiaries with a purpose and asked the bankers not to cut the money for any other reasons. He thanked the bankers for extending support to the state government during the COVID pandemic.

Agriculture Minister Kakani Govardhan Reddy, Chief Secretary Dr Sameer Sharma, Agriculture Special Chief Secretary Poonam Malakondaiah, Industries Special Chief Secretary Karikal Valaven, Finance Special Chief Secretary S S Rawat, Panchayat Raj and Rural Development Principal Secretary Gopala Krishna Dwivedi, Social Welfare Principal Secretary M M Naik, SLBC convenor V Bramhananda Reddy, Union Bank of India Executive Director Nidhu Saxena,  RBI Regional Director K Nikhila, NABARD CGM M R Gopal and other representatives of various banks were present in the meeting.

Also Read: CM YS Jagan to Disburse Crop Insurance Amount to Farmers on Tuesday

Read More:
More News