‘Banks must become key partners in Telangana’s $3 trillion economy goal’

Metro India News | Hyderabad 

Deputy Chief Minister Bhatti Vikramarka said the banking and financial sectors must become key partners in the State’s goal of transforming Telangana into a $1 trillion economy by 2034 and a $3 trillion economy by 2047.

He made it clear that this objective cannot be achieved through government expenditure alone and requires large-scale private investment, strong financial institutions, deeper financial markets and innovative financing mechanisms. The Deputy Chief Minister participated in and addressed the 50th State Level Bankers’ Committee (SLBC) meeting held at Mahatma Jyotirao Phule Praja Bhavan on Wednesday.

Speaking on the occasion, he said that Telangana Rising 2047 is not merely a vision document, but a development compact with the people of Telangana. To transform Telangana into a $3 trillion economy by 2047, the banking sector must also undergo a transformation, he said. Bhatti Vikramarka stressed the need to formulate a future-oriented banking strategy in line with the objectives of Telangana Rising 2047.

The Deputy Chief Minister said that banks should not merely review how far they have achieved their assigned targets, but should periodically assess what development has resulted from the loans extended, how many industries have been established and how many jobs have been created. He said that the real measure of banking performance should be the extent to which agricultural productivity has increased, rural incomes have improved and private investment has been mobilised.

Bhatti Vikramarka said that the rural and agricultural sectors are the foundation of Telangana’s economy. Farmers should receive loans precisely when they need them, he said. Eligible farmers should not be forced to go around banks seeking credit. “Farmers should not have to search for banks for loans; the banking system itself should reach the farmers,” the Deputy Chief Minister said.

Bhatti Vikramarka called for dairy, fisheries, horticulture, oil palm, food processing and other allied sectors to be brought into the formal credit system. The objective should not merely be to provide a loan to a farmer, but to convert that credit into higher and sustainable agricultural income, he said.