TG govt dangles Rs 1L crore interest-free loan to SHGs

Hyderabad: The State government has set the target of providing interest-free loans of Rs 1 lakh crore to Self Help Groups (SHG) as part of the welfare measures for the next five years.

Deputy CM Mallu Bhatti Vikramarka, while speaking at the State Level Bankers Committee (SLBC) meeting along with Agriculture Minister Tummala Nageswara Rao said that Telangana is a young and fast developing State and it is an investment destination not only for countrymen, but also for the entire world. He said that Hyderabad has ORR (Outer Ring Road), International Airport, affordable living conditions, ideal environment, friendly government and is a cosmopolitan city with no language problem. “The bankers should come forward to give loans not only to big industrialists, but also to the poor and the middle classes. No State can develop without the positive attitude of bankers,” Bhatti pointed out.

While emphasising that the State would achieve integrated development only with extending loans to weaker sections, the Deputy Chief Minister said though the State government was releasing its share for subsidised schemes, bankers were not extending cooperation. "Normally even when banks release loans, there will be delay in the release of the subsidy amount. But in Telangana, the reverse situation is prevailing. Though private banks are achieving targets, the national banks are lagging behind in this regard," he pointed out.

The Deputy Chief Minister further said that in the coming few days, a new power policy would be introduced in Telangana. "Development is possible only when loans are increased. The banks should extend loans on a large scale. Then the State government is ready to extend its support to bankers”, he suggested.

Bhatti also stressed the need that bankers should adopt a social and humanitarian attitude. Emphasising that the social sector agenda alone is the objective of Indiramma Rajyam, he said that along with agro-based industries in Telangana, the core industry, software, hardware and other clusters are also being developed. "With the construction of the Regional Ring Road, the face of Telangana State will be changed in future. With the biggest RRR, Telangana will be developed into urban, semi urban and rural regions," the Deputy Chief Minister said.

Bhatti Vikramarka assured full cooperation to the agriculture sector and said that farmers would get all facilities, including investment support under the Rythu Bharosa and 24-hour free power supply to the farm sector. Referring to the industrial sector, Bhatti said that banks should extend loans on a large scale to MSME and other industries.