State development with the support of banks: CM

The 231st State Level Bankers Committee (SLBC) meeting was held under the chairmanship of Chief Minister Nara Chandrababu Naidu at the Amaravati Secretariat. Various issues like state economic development, farmers' problems, and promotion of small entrepreneurs were discussed in this meeting.

The meeting reviewed the extent to which the decisions taken in the past have been implemented in the form of an Action Taken Report. The CM clarified that immediate action should be taken on issues that were not implemented properly.

The Chief Minister specifically discussed the “One Family – One Entrepreneur” program launched by the government with the aim of making at least one person from every family an entrepreneur. He suggested that banks should come forward and provide adequate loans for this program to be successful.

The CM explained his plans to set up MSME parks in all 175 constituencies in the state. He said that if small and medium scale industries are established, employment opportunities will increase in rural areas and new opportunities will come to the youth. Focusing on the problems of farmers, the CM reminded that half of the Kharif season has already passed. He clarified that if farmers are not provided with loans and seed subsidies at this time, they will not benefit from it. He warned that giving loans at the end of the season will not be beneficial.

The Chief Minister suggested that banks should change their methods. He said that new ideas and innovations are needed to keep up with the changing world. He reminded the need to adopt policies that encourage people rather than policies that control them.

The Chief Minister said that India has set a target to become a strong economic power by 2047. He called on banks and financial institutions to explore new ways towards that end. He said that unproductive loans are not good and that loans should be given to reduce the gap between the rich and the poor.

The CM said that as a student of economics and a public representative, he would always think only of the poor. He made it clear that banks and financial institutions should work towards wealth creation and economic development in the country.