Andhra Pradesh unveils FY17 credit plan; farm sector gets lion’s share

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Vijayawada | Published: June 9, 2016 11:42 PM

The agriculture sector in Andhra Pradesh will get a major chunk of credit from banks this fiscal at Rs 83,003 crore of the total state credit plan of Rs 1,65,538 crore.

N Chandrababu NaiduChief Minister N Chandrababu Naidu today released the state credit plan for Rs 1,65,538 crore for the fiscal 2016- 17, a 32 per cent jump over last year’s Rs 1,25,748 crore. (Reuters)

The agriculture sector in Andhra Pradesh will get a major chunk of credit from banks this fiscal at Rs 83,003 crore of the total state credit plan of Rs 1,65,538 crore.

Chief Minister N Chandrababu Naidu today released the state credit plan for Rs 1,65,538 crore for the fiscal 2016- 17, a 32 per cent jump over last year’s Rs 1,25,748 crore.

Read Also: Waive farm loans & provide free fertilisers: NCP to Maharashtra govt

The farm sector will get a lion’s share of the credit from banks at Rs 83,003 crore as against a credit outflow of Rs 75,448 crore in 2015-16.

A sum of Rs 25,000 crore has been earmarked for loans through Mudra Bank launched by Prime Minister Narendra Modi for the MSME sector.

Housing sector will get Rs 12,000 crore, including Rs 7,340 crore under the Prime Minister’s Aawas Yojana.

“Not just getting the credit plan approved but you should display the same vigour in implementing it,” Naidu told bankers at a meeting of the State-Level Bankers’ Committee (SLBC) here.

On the occasion, the Chief Minister outlined his government’s schemes for the welfare of different sections of society and asked bankers to disburse loans to the priority sector and help the state economy grow.

Naidu announced that his government would release Rs 3,500 crore, as the second installment, on June 22 towards the debt redemption scheme for farmers.

He said women belonging to self-help groups would be appointed as business correspondents of banks on a pilot basis in Krishna district from July 1.

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