Hyderabad News: 13.42 percent increase in annual debt target, Rs 2,42,773 crore target: Minister Harish Rao

Hyderabad News: 13.42 percent increase in annual debt target, Rs 2,42,773 crore target: Minister Harish Rao

Hyderabad News: Telangana State Finance Minister Harish Rao has expressed happiness over the bankers’ association increasing the annual loan target this year. It is mentioned that the increase of 13.42 percent compared to last year is gratifying. The banks have been advised to reach the target of Rs.2,42,775 crore fixed by the bankers this year. Agriculture Minister Niranjan Reddy and Minister Harish Rao along with bank officials participated in the State Bankers’ Samiti meeting held at T-Hub in Hyderabad. Speaking on the occasion, Minister Harish Rao praised the development of Telangana. He expressed happiness that Telangana is standing as the fastest growing state in the country. Under the guidance of Chief Minister K. Chandrasekhar Rao, the state has become a guide for the country within no time. He said that we are attracting significant investments and we stand at the top position in the country in terms of employment and employment generation. He said that there has been a remarkable growth in agriculture and its allied sectors. 

Harish advises banks to reach the target

Annual loan of Rs.2,42,775 crore fixed this year. Finance Minister Harish Rao suggested that the banks should reach the target. He appealed to the banks to give more loans to education, housing, agriculture and agriculture allied sectors. Banks were also requested to provide loans and support for the expansion of oil palm across Telangana. They want to give loans to small and medium scale industries and see that small traders grow. The bank officials were asked to collect interest as per Reserve Bank rules for self-help groups. As Telangana state is at the top in deposits in the country.. Minister Harish Rao suggested that it will be more convenient if the number of bank branches is increased here.

The fastest developing state

CM < a title="KCR" href="https://telugu.abplive.com/topic/kcr" data-type="interlinkingkeywords"Harish Rao said that due to the welfare schemes and development plans implemented by KCR, Telangana has become the fastest growing state in the country. He said that the share of Telangana in the country's GDP was 4.1 percent in 2014-15 and 4.8 percent in 2022-23. He said that Rythu Bandhu, 24 hours free electricity, Mission Kakatiya, construction of other irrigation water projects including Kaleswaram, promotion of agriculture, fisheries, distribution of sheep etc. have contributed to the growth of the state. Raised Banks

Banks have confirmed the annual loan target of Rs.2,42,775 crore for 2023-24. In the last financial year it was Rs.2.14 lakh crore. This means that banks have increased the annual loan target by 13.42 percent this year. Banks have fixed the priority sector’s share of Rs.1,85,326.68 crore in this year’s loan target. Its share is 76.33 percent of the total target. Agriculture and its allied sectors have been allotted 60.85 percent of the priority sector targets. That is Rs.1,12,763.59 crores. Also Rs.54,672.44 crore has been allocated for small and medium scale industries. Its share is 30 percent of the total target. 

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