Private investment, strong banking must to achieve Telangana’s ambitious economic goals by 2047, says Deputy CM
Mallu Bhatti Vikramarka exhorts banking and financial sectors to become partners in achieving the goals
Deputy Chief Minister Mallu Bhatti Vikramarka emphasized that achieving a US$ 1 trillion economy by 2034 and a US$ 3 trillion economy by 2047 in Telangana necessitates significant private investments, robust financial institutions, robust financial markets, and innovative financing mechanisms. He stated that accelerated economic growth cannot be achieved solely through government spending, and the banking and financial sectors must become essential partners in transforming Telangana into a US$ 3 trillion economy by 2047.
Vikramarka addressed the 50th State Level Bankers’ Committee meeting in Hyderabad, highlighting the need for a future-oriented banking strategy aligned with Telangana Rising 2047 goals. He stressed that banks should evaluate their performance based on factors such as loans extended, industries established, and jobs created, alongside traditional metrics.
The Deputy Chief Minister advocated for timely credit disbursement to farmers and the integration of farming allied sectors into the formal credit system, ensuring that loans reach farmers in need instead of the other way around. He also called for banks to analyze the reasons behind declining farmer incomes and incorporate productivity, market facilities, and post-harvest infrastructure into credit strategies.
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