State Credit

CBN releases state credit for 2016-2017 | Agriculture and MSME Priority


Earlier today, the Andhra Pradesh Chief Minister Nara Chandrababu Naidu released the state credit plan of Rs. 1,65,538 crore for the fiscal year 2016-17. Out of this, the agriculture sector in Andhra Pradesh will get a major chunk of credit from banks this fiscal at Rs 83,003 crore.

The fiscal credit this year is a 32% increase over last year’s Rs 1,25,748 crore. Last year, the amount allocated for agriculture was Rs. 75,448 crore and now it is Rs. 83,003 crore.

A sum of Rs 25,000 crore has been earmarked for loans through Mudra Bank launched by Prime Minister Narendra Modi for the MSME sector.

Housing sector will get Rs 12,000 crore, including Rs 7,340 crore under the Prime Minister’s Aawas Yojana.

“Not just getting the credit plan approved but you should display the same vigour in implementing it,” Mr. Naidu told bankers at a meeting of the State-Level Bankers’ Committee (SLBC).

On the occasion, the Chief Minister outlined his government’s schemes for the welfare of different sections of society and asked bankers to disburse loans to the priority sector and help the state economy grow.

He also announced that his government would release Rs 3,500 crore, as the second installment, on June 22 towards the debt redemption scheme for farmers.