Deputy CM Urges Banks to Support Farmers and Entrepreneurs
Deputy Chief Minister Bhatti Vikramarka has urged banks to take a more supportive approach in extending loans to farmers, small and medium entrepreneurs, and self-help groups. He emphasized the need for banks to fully achieve their targets for farm loan distribution during the Rabi season.
For the 2024 Kharif season, banks had a target of Rs 54,480 crore, of which Rs 44,438 crore was disbursed, achieving 81.57% of the goal. Bhatti Vikramarka noted that since there is still one month left for the Rabi season, the loan distribution process should be expedited. He encouraged the banks to adopt a long-term vision under the motto of “Telangana Rising.”
The Deputy CM pointed out that while loan repayments to banks have increased, the sanctioning of new loans has decreased. He highlighted this as an imbalance that needs correction. He also expressed concern about the economy becoming centralized when loans are predominantly given to large corporations. To counter this, he urged banks to focus on supporting micro, small, and medium enterprises alongside large companies.
Encouraging Women Entrepreneurs
The government, Bhatti Vikramarka said, is taking active steps to empower women entrepreneurs. It is providing Rs 20,000 crore in interest-free loans every year to help women start and grow businesses. The goal is to enable one crore women to become crorepatis (millionaires) within the next five years, he added.
Focus on Green Energy
In addition to promoting entrepreneurship, the government is prioritizing green energy initiatives. Bhatti Vikramarka stated that the state has signed an MoU with self-help groups to generate 1,000 MW of solar power. The government’s broader target is to generate 4,000 MW of solar energy. He urged banks to provide funding for green energy projects, highlighting the growing importance of renewable energy across the country.
Supporting Farmers
The Deputy CM stressed that meeting loan targets for farmers is critical to making agriculture more viable and profitable. He mentioned that the state government has waived off loans of up to Rs 2 lakh for farmers and will soon launch the Rythu Bharosa scheme to provide further support. Bhatti Vikramarka believes that timely loans and government initiatives will help transform the agricultural sector in Telangana.
