Hyderabad: Deputy Chief Minister Mallu Bhatti Vikramarka on Friday said the Telangana government aimed to transform the state into a $3 trillion economy by 2047 through rapid growth, welfare programmes and industrial expansion.
Addressing the 49th State Level Bankers’ Committee meeting at Mahatma Jyotirao Phule Praja Bhavan, Bhatti Vikramarka said Telangana continued to grow faster than the national average.
He stated that Telangana recorded a growth rate of 10.7 per cent against the national average of 8.2 per cent. He also said the state’s per capita income reached ₹4.18 lakh compared to the national average of ₹2.1 lakh.
The Deputy Chief Minister said the government was focusing on welfare schemes, women empowerment, Musi River rejuvenation, Future City and infrastructure projects including the Regional Ring Road.
He noted that bank deposits in Telangana reached nearly ₹9.43 lakh crore, while advances touched ₹12.34 lakh crore. According to him, the state recorded a Credit-Deposit ratio of 130.78 per cent.
Bhatti Vikramarka appreciated banks for exceeding agricultural loan targets. Against a target of ₹1,65,297 crore, banks disbursed ₹1,68,401 crore in loans to farmers and allied sectors.
He urged banks to increase lending support to MSMEs, women entrepreneurs, Dalit entrepreneurs and tribal entrepreneurs. He also called on banks to adopt a positive approach towards educational loans.
The Deputy Chief Minister described student loans as investments in the future and stressed the importance of employment generation and inclusive growth.
$3 trillion economy plan focuses on urban growth
Bhatti Vikramarka said Telangana was moving rapidly on projects such as Future City, Musi rejuvenation and industrial corridor development.
He stated that rapid urbanisation created major opportunities for the services sector across Telangana. The Deputy Chief Minister also urged banks to support renewable energy projects and rooftop solar installations.
To strengthen women’s economic empowerment, he announced that the government increased interest-free loans for Self Help Groups from ₹5 lakh to ₹10 lakh.
He said Hyderabad offered strong opportunities for women in business, small industries and medium enterprises. He also called for special support to young women entrepreneurs from slum areas.
The Deputy Chief Minister revealed that the government planned to establish industrial hubs in pharma, textiles, steel, leather and Fab City sectors to attract investments into Telangana.
