Economic recovery is picking up: Ys Jagan


Economic boost stalled due to apprehension of Third wave
CM convens 217th SLBC meeting
Amaravati, Dec 7: Chief Minister YS Jagan Mohan Reddy chaired 217th State Level Bankers Committee (SLBC) meeting at camp office here on Tuesday.
Speaking on the occasion, the Chief Minister said the momentum of the country’s economic recovery is picking up and GDP growth rate for the second quarter of the financial year has registered at 8.4 percent and overall growth rate for the first half has been 13.7 percent. He expressed apprehension of third wave of COVID due to Omicron variant and said the economy is slated for a boost otherwise. He hoped that the possibility of third wave of COVID would have a low impact on the economy.

The Chief Minister said the importance of credit growth can’t be over emphasized at this juncture and the national level bank credit of scheduled commercial banks to that Rs 112 lakh crores on Nov 5, 2021, demonstrating a growth rate of 7.1 percent, which is good. The Chief Minister said the burden of Rs 30,000 crore was laid on state government due to the pandemic and added that the state government was able to alleviate the situation with the cooperation of the banking sector and thanked the bankers for thier support.
The Chief Minister said the annual loan plan of banks was Rs 2,83,380 crore, of which 60.53 percent which is Rs 1,71,520 crore was disbursed in the first six months alone. Similarly, the annual loan target for priority sectors was Rs 2,13,560 crore, of which 47.29 percent which is Rs 1,00,990 crore, was disbursed by banks in the first six months of this year and congratulated the banks for their support.

Farmers The Chief Minister urged the bankers to focus on disbursing agriculture term loans and providing Kisan Credit Cards to the farmers who didn’t receive them yet. He said Tenant farmers should get loans and banking services need to be started in 4,240 RBKs And urged the banks to complete them very soon.

Housing The Chief Minister urged the bankers to provide Rs 35,000 as loan at three percent interest to women for housing scheme and also added to focus on providing loans for TIDCO houses. He said there are 8.3 lakh accounts related to MSMEs of which 1.78 lakh accounts were restructured and urged the banks to support MSMEs for one time restructuring of their loan accounts.

The Chief Minister said there are 9.1 lakh beneficiaries under Jagananna Thodu scheme and requested the banks to complete the processing of the applications very soon. He said Rs 12,243 crore is required for setting up 16 medical and 16 nursing colleges across the state and urged the banks to support the state government in regard to loans. The Chief Minister urged the bankers to extend thier support for transforming schools under Nadu Nedu scheme. The Chief Minister listed out the revolutionary changes being brought in Education, Health, Women Empowerment and other sectors. The Chief Minister requested the bankers to setup ATMs ar Village Secretariats and RBKs. The bankers said they would set up ATMs at some locations as pilot project and extend later.

Agriculture Minister Kurasala Kannababu has requested NABARD to support for setting up 10,778 custom hiring centers (CHCs) in RBKs. Finance Minister Buggana Rajendranath has requested the bankers to focus on giving priority to MSME sector and also on education and housing loan limits.
Union Bank MD, CEO and SLBC President Raj Kiran Rai lauded the welfare initiatives of Chief Minister YS Jagan Mohan Reddy and assured support from bankers end. He said they will look into the requests of the state including seting up of ATMs and banking services in RBKs.

SLBC Convenor V Barhmananda Reddy said farmers are being benefitted as the state government has been paying timely interests for loans under ‘ YSR Sunna Vaddi’ scheme and added that the activity of banking has been increased due to the initiatives of the state government.
Finance Minister Buggana Rajendranath, Agriculture Minister Kurasala Kannababu, Chief Secretary Dr Sameer Sharma, Agriculture Special Chief Secretary Poonam Malakondaiah, Housing Special Chief Secretary Ajay Jain, Industries Special Chief Secretary Karikal Valaven, Municipal Administration and Urban Development Special Chief Secretary Y Srilakshmi, RBI Regional director K Nikhila, NABARD Chief General Manager Sudhir Jannawar, Union Bank MD and CEO and SLBC president Rajkiran Rai, SLBC Convenor B V Brahmananda Reddy, other officials and various banks representatives were present in the meeting.


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