PaperDabba News Desk – July 9, 2024. Under the leadership of CM Chandrababu Naidu, the 227th State Level Bankers Committee (SLBC) meeting was held at the Secretariat, where a comprehensive loan plan for various priority sectors for the financial year 2024-25 was announced.
Key Highlights of the SLBC Meeting
Chief Minister Chandrababu Naidu led the SLBC meeting held at the Secretariat. At this meeting, a loan plan of Rs. 5,40,000 crore for the financial year 2024-25 was released. Of this, Rs. 3,75,000 crore was allocated to priority sectors and Rs. 1,65,000 crore to other sectors.
Focus on the Agriculture Sector
An allocation of Rs. 2,64,000 crore has been made for the agriculture sector, a 14% increase compared to the previous year. The loan plan includes Rs. 32,600 crore for dairy, poultry, fisheries, agricultural mechanization, and agricultural infrastructure.
Last year, Rs. 3,23,000 crore was allocated to priority sectors, with Rs. 2,31,000 crore sanctioned for the agriculture sector. Rs. 2,08,136 crore, or 90%, was disbursed. This year, the target for priority sectors has been increased by 16%, totaling Rs. 3,75,000 crore.
MSME and Housing Loans
The loan target for the MSME sector, which contributes to employment and livelihood, has increased by 26%. In 2023-24, Rs. 69,000 crore was allocated, while the target for 2024-25 is Rs. 87,000 crore. Additionally, Rs. 11,500 crore has been earmarked for housing construction, and Rs. 8,000 crore for the traditional fuel sector.
Government and Bankers Cooperation
The state government and bankers have formed sub-committees to achieve better results in five key areas. These areas include reducing cultivation costs, providing loans to tenant farmers, improving crop insurance, eradicating poverty through the P4 policy, promoting digital transactions, skill development, and encouraging sectors that enhance GDP.
Finance Minister Payyavula Keshav, Agriculture Minister Achannaidu, Union Bank Executive Director Sanjay Rudra, SLBC Convener CVN Bhaskar Rao, and other officials from various banks and departments attended the meeting.
For the financial year 2024-25, SLBC’s comprehensive loan plan, with a focus on agriculture and MSMEs, aims to contribute to the economic growth of Andhra Pradesh. Preparations are underway to achieve better development in these sectors with the cooperation of the state government and bankers.
