Hyderabad: To achieve the objective of issuing loan sanction letters to 5 lakh educated youngsters under the Rajiv Yuva Vikasam scheme on June 2, deputy chief minister Bhatti Vikramarka urged the convener of the state level bankers committee (SLBC) to appoint a nodal officer to coordinate between the banks and the state government, overseeing the scheme’s implementation.
Addressing the SLBC meeting held in Hyderabad on Thursday, May 22, he said that the state government was giving Rs 6,250 crore as a subsidy under the Rajiv Yuva Vikasam scheme out of the total Rs 9,000 crore being spent on the scheme.
He pointed out that in the past, self-employment schemes used to be given in the form of a 70 percent loan and a 30 percent subsidy, but the proportion has been reversed under the Rajiv Yuva Vikasam scheme, where the subsidy is more and the loan amount is less.
He informed the bankers that out of Rs 8 lakh crore set as targets by the bankers for various loans and schemes in 2025-26, banks would have to contribute only 0.2 percent of the targeted amount by providing credit linkage for the Rajiv Yuva Vikasam scheme.
“The educated human resources lying idle will only create liability for the state. To overcome that, we have introduced Rajiv Yuva Vikasam, through which their intellect could be used in the manufacturing sector, which would ultimately contribute to the gross domestic product (GDP),” Bhatti said.
Informing the bankers that the state government was promoting the cultivation of oil palms in a major way, he urged the bankers to generously provide loans to the farmers going for such horticultural crops.
Bhatti also pointed out the state government’s push for using solar energy to irrigate 6,70,000 acres of tribal lands by spending Rs 12,600 crore, and the state government’s goal to give Rs 1 lakh interest-free loans to women’s self-help groups in the state in the next 4 years. He said that the state government was moving ahead to produce 20,000 MW of green energy by 2030.
The minister further explained the steps being taken to rejuvenate the Musi River and form various industrial and other clusters between the Outer Ring Road (ORR) and the Regional Ring Road (RRR). Appealing to the bankers to reach the targets set by them for disbursement of loans to various sectors, sections and schemes for the 2025-26 financial year.
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