Andhra CM, Union finance minister distribute Rs 3,216 cr loans to over one lakh beneficiaries

Palnadu (Andhra Pradesh), Jul 17 (PTI) Andhra Pradesh Chief Minister N Chandrababu Naidu and Union Finance Minister Nirmala Sitharaman on Friday distributed loans worth Rs 3,216 crore to over one lakh beneficiaries under various central government schemes at a credit outreach programme organised by public sector banks here in Palnadu district. Addressing the gathering, the chief minister said the objective of both welfare and development programmes was to improve the living standards of the people, adding that the credit outreach initiative, covering self-help groups (SHGs), entrepreneurs, industrialists and street vendors, would ensure easier access to institutional credit. "Earlier, people had to approach banks for loans. Today, banks themselves are reaching out to the people and extending credit," Naidu said. According to the CM, loans worth Rs 2,363 crore were sanctioned to the agriculture sector, Rs 325 crore to micro, small and medium enterprises (MSMEs), and Rs 624 crore for housing, education, vehicles and solar power. Naidu said institutional loans formed the foundation for a farmer's future, a young person's aspirations, women's empowerment and entrepreneurs' investments, besides protecting people from falling into debt traps created by moneylenders charging high interest. Praising Sitharaman, he said she had dealt firmly with non-performing assets (NPAs) and ushered in a digital banking revolution, while rationalisation of GST slabs had helped increase government revenues. The chief minister said the Centre had extended financial assistance for Amaravati, the Polavaram project and the Visakhapatnam Steel Plant, helping the state recover from the financial difficulties inherited from the previous YSRCP government between 2019 and 2024. He said Andhra Pradesh would receive Rs 7,707 crore from the union government under the VB-G RAM G initiative and Rs 40,000 crore to develop Rayalaseema into a horticulture hub, which would also attract private investments. Naidu said the state had rescheduled high-interest loans inherited from the previous government with the Centre's support, resulting in savings of Rs 1,538 crore. Calling Sitharaman an inspiration for women, he said Andhra Pradesh's 10 lakh Development of Women and Children in Rural Areas (DWCRA) groups had accumulated savings of Rs 29,000 crore and recorded a loan repayment rate of 99.5 per cent. He added that the government had launched the "One Family, One Entrepreneur" initiative to promote women entrepreneurship and reiterated his vision of transforming Andhra Pradesh into a healthy, wealthy and happy society by 2047. Earlier, Naidu and Sitharaman flagged off ambulances provided by Union Bank under its Corporate Social Responsibility (CSR) initiative and distributed bicycles to girl students. On her arrival, Sitharaman called on Naidu at his residence, where she was received by the chief minister and State IT Minister Nara Lokesh. PTI MS KH