Mr. Naidu highlighted the Zero Poverty–P4 initiative to eliminate poverty and reduce inequality by 2029. The model was being widely implemented to create wealth and infrastructure, he said.
“Visakhapatnam is making remarkable progress economically and industrially, while Amaravati is being positioned as a hub of future opportunities,” he said, and added that Rayalaseema was being developed as a horticulture hub and a centre for electronics manufacturing.
Noting that the primary reason for conducting SLBC meetings frequently during his tenure was to garner financial backing from the banks for the State’s development and improve the living standards, the Chief Minister recalled that the undivided Andhra Pradesh gave priority to services and industries. After bifurcation, with Andhra Pradesh becoming an agriculture-dependent State, the focus shifted. “The State is also strengthening allied sectors of agriculture through various initiatives,” he said.
The bankers assured the Chief Minister that this year’s targets would be exceeded. Priority was being given to women entrepreneurs, they said, adding that they were liberally lending to the self-help groups. “Focus is also being placed on education and housing sectors,” they said.
The total Annual Credit Plan target for FY 2025–26 was put at ₹6.6 lakh crore, a 22% increase over the previous year’s ₹5.4 lakh crore. The agriculture sector target was put at ₹3.06 lakh crore. The MSMEs were allocated ₹1.28 lakh crore. The allocation for the priority sector was ₹4.58 lakh crore, while the non-priority sector got ₹2.02 lakh crore.
While the credit plan target for FY 2024–25 was ₹5.4 lakh crore, banks had disbursed ₹6.83 lakh crore. Of this, ₹4.14 lakh crore went to the priority sector and ₹2.68 lakh crore to the non-priority sector according the reports publsihed in thehindu.com.
The MSME sector, which was a high priority to the State, saw disbursements of ₹95,620 crore against the target of ₹87,000 crore, which was 110% of the target. This included ₹49,552 crore for micro enterprises, ₹27,632 crore for small enterprises, ₹18,138 crore for medium enterprises, and ₹298 crore for other segments.
