Hyderabad: Telangana Deputy Chief Minister Mallu Bhatti Vikramarka on Friday, May 22, said the state government is aiming to transform Telangana into a USD 3 trillion economy by 2047, asserting that the state’s strong growth rate and rapid urbanisation make the target achievable.
Addressing the 49th State Level Bankers’ Committee (SLBC) meeting held at Mahatma Jyotirao Phule Praja Bhavan, Bhatti Vikramarka said the government is prioritising welfare schemes, women’s empowerment, economic self-reliance, Musi River rejuvenation, and the development of the proposed Future City project.
The meeting was attended by Minister Tummala Nageswara Rao, senior state officials, Reserve Bank of India representatives, and banking sector executives.
Telangana’s growth higher than national average: Dy CM
Highlighting Telangana’s economic performance, the Deputy Chief Minister said the state is growing at 10.7 percent, significantly higher than the national average growth rate of 8.2 percent. He added that Telangana’s per capita income has reached Rs 4.18 lakh, nearly double the national average of Rs 2.1 lakh.
Bhatti Vikramarka said total bank deposits in Telangana have touched nearly Rs 9.43 lakh crore, while advances have reached Rs 12.34 lakh crore. He described the state’s Credit-Deposit ratio of 130.78 per cent as exceptional.
He also praised banks for exceeding agricultural lending targets. Against a target of Rs 1.65 lakh crore, banks disbursed Rs 1.68 lakh crore in farm loans, achieving over 101 per cent of the target.
He said agriculture remains the backbone of Telangana’s economy and appreciated banks for supporting farmers, dairy farmers, fishermen, and allied sectors.
Banks should play larger role in industrial, social development: Bhatti
Calling on banks to play a larger role in industrial and social development, the Deputy CM urged greater focus on loans for micro, small and medium enterprises (MSMEs), women entrepreneurs, Dalit and tribal entrepreneurs, and students seeking higher education.
“Student loans are investments in the future,” he said, appealing to banks to adopt a more supportive approach toward educational loans.
Bhatti Vikramarka also announced that the government is increasing interest-free loans for women’s Self Help Groups (SHGs) from Rs 5 lakh to Rs 10 lakh as part of efforts to strengthen women’s economic empowerment.
He said the government plans to focus on large-scale loan distribution to women’s groups in Hyderabad this year, particularly targeting young women entrepreneurs from slum areas.
The Deputy CM said Telangana is rapidly moving ahead with major infrastructure projects, including the Musi River rejuvenation project, the Regional Ring Road, and Future City. He noted that rapid urbanisation in the state is creating significant opportunities in the services sector.
He also stressed the importance of renewable energy and urged banks to actively finance solar projects and rooftop solar installations.
Bhatti Vikramarka further revealed that the government is planning several industrial hubs and clusters across sectors, including pharmaceuticals, Fab City, steel, leather, and textiles, to attract national and international investments into the state.
Stating that banks should act as strategic development partners rather than merely financial institutions, he said lending decisions should align with sectors that contribute to employment generation and the state’s Gross State Domestic Product (GSDP).
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