CM Naidu urges bankers to support Swarnandhra
A target of Rs 4.58 lakh crore has been fixed for the priority sector, including Rs 3.06 lakh crore for agriculture sector and Rs 1.28 lakh crore for MSME sector. Additionally, Rs 2.02 lakh crore has been earmarked for the non-priority sector.
Speaking on the occasion, the Chief Minister stated that Andhra Pradesh is undertaking massive initiatives over the next four years with a focus on development, wealth creation, and poverty eradication. As part of the Swarnandhra Vision-2047, the government is prioritising projects and goals to be completed by 2029, he said and urged banks to extend full support and exceed the targets set under the 2025-26 credit plan.
Speaking on the occasion, the Chief Minister stated that Andhra Pradesh is undertaking massive initiatives over the next four years, focusing on development, wealth creation, and poverty eradication.
As part of the Swarnandhra Vision-2047, the government is prioritizing projects and goals to be achieved by 2029.
He urged banks to extend full support and exceed the targets set under the 2025–26 credit plan.
Help promote economic growth: CM to bankers
After reviewing the achievements of FY 2024–25 with banking officials, the Chief Minister outlined the goals for 2025–26. He commended bankers for surpassing 100% of last year's targets, placing Andhra Pradesh at the forefront in South India. He emphasized that bankers should consider how they can contribute to the growth of DWCRA women, tenant farmers, SCs, STs, BCs, and minorities.
Naidu stressed that bank support is essential for the growth of all sectors in line with rising demand. Massive projects are underway across different sectors, and financial assistance is critical. He highlighted the government's initiative to promote MSMEs and establish Ratan Tata Innovation Hubs in every constituency under the vision of 'One Entrepreneur per Household.' He also reiterated the government's Zero Poverty–P4 initiative aimed at eliminating poverty and reducing inequality by 2029.
The Chief Minister noted that Visakhapatnam is making remarkable progress economically and industrially, while Amaravati is being positioned as a hub of future opportunities. He added that Rayalaseema is being developed as a horticulture hub and a centre for electronics manufacturing.
For FY 2024–25, the credit plan target was Rs 5.4 lakh crore, while banks disbursed Rs 6.83 lakh crore—127% of the target. Of this, Rs 4.14 lakh crore was directed to the priority sector, and Rs 2.68 lakh crore to the non-priority sector.
In the agriculture sector, the target was Rs 2.64 lakh crore, but disbursements reached Rs 3.07 lakh crore—116% of the target. Of this amount, Rs 1.69 lakh crore was disbursed during the Kharif season and Rs 1.37 lakh crore during the Rabi season.
The MSME sector, a high priority for the state, saw disbursements of Rs 95,620 crore against a target of Rs 87,000 crore—110% achievement. This included Rs 49,552 crore for micro enterprises, Rs 27,632 crore for small enterprises, Rs 18,138 crore for medium enterprises, and Rs 298 crore for other segments.
Finance Minister Pyyavula Keshav questioned bankers about the declining year-on-year growth rate in credit plan implementation. While the growth was 133% in 2021–22, 163% in 2022–23, and 138% in 2023–24, it dropped to 127% in 2024–25 and sought an explanation for this trend.
The MSME sector, which is a high priority for the state, saw disbursements of Rs 95,620 crore against a target of Rs 87,000 crore-110% achievement. This includes Rs 49,552 crore for micro enterprises, Rs 27,632 crore for small enterprises, Rs 18,138 crore for medium enterprises, and Rs . 298 crore for other segments.
Finance Minister Pyyavula Keshav questioned bankers on the declining year-on-year growth rate in credit plan implementation. While growth was 133% in 2021-22, 163% in 2022-23, and 138% in 2023-24, it dropped to 127% in 2024-25, he pointed out.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
Empowering smallholder farmers & marginal farmers through formation & promotion of FPOs
Dr. Prashant Prabhakar Deshpande has post-graduated in Economics with a Gold Medal in 1976 and was awarded a Ph.D in Social Sciences from Nagpur University in 2007. Introduction The Central Sector Scheme for Formation and Promotion of 10,000 Farmer Producer Organisations (FPOs) was launched by Prime Minister Narendra Modi on 29th of February, 2020. The scheme was launched with a budget outlay of Rs 6,865 crore till 2027-28. Since the launch of the scheme, Rs 254.4 crore in equity grants have been released to 4,761 FPOs and credit guarantee cover worth Rs 453 cr has been issued to 1,900 FPOs. Recently, FPOs were in the spotlight as India reached a transformative milestone by establishing 10,000 Farmer Producer Organisations (FPOs), ahead of the March 31, 2025, deadline, collectively bringing together nearly 30 lakh farmers across the country, 40% of whom are women. These FPOs are now conducting business worth thousands of crores of rupees, contributing immensely to the growth of the agricultural sector. On the occasion of the release of the 19th instalment of PM-KISAN in Bhagalpur, Bihar, the Prime Minister launched the 10,000th FPO, a milestone marking a significant leap in Farmer Welfare and inclusive agricultural development. The 10,000th FPO was registered in Khagaria district and focuses on maize, banana, and paddy. The concept behind the Farmer Producer Organisations Farmers who are the producers of agricultural products can form groups. To facilitate this process, the Small Farmers' Agribusiness Consortium (SFAC) was mandated by the department of agriculture and cooperation, ministry of agriculture, government of India, to support the state governments in the formation of FPOs. Objectives To provide a holistic and broad-based supportive ecosystem to form to facilitate the development of vibrant and sustainable income-oriented farming and overall socio-economic development and wellbeing of the agrarian communities. To enhance productivity through efficient, cost-effective, and sustainable resource use to realise higher returns through better liquidity and market linkages for their produce and become sustainable through collective action. To provide handholding and support to new FPOs up to five years from the year of their creation in all aspects of management of FPO, inputs, production, processing and value addition, market linkages, credit linkages, and use of technology etc. To provide effective capacity building to FPOs to develop agriculture entrepreneurship skills to become economically viable and self-sustaining beyond the period of support from the government. The Farmer Producer Organisations (FPOs) The FPOs are collectives formed by farmers to: Enhance productivity; Reduce costs, and; Improve market access through cooperation. The primary aim of an FPO is to enable farmers to benefit from the economies of scale, enhancing overall Farmer Welfare. The Small Farmers' Agribusiness Consortium (SFAC) under the Ministry of Agriculture plays a pivotal role in supporting the formation of the FPOs, which are registered under either: The Companies Act, or; The Co-operative Societies Act. Need for FPOs Small, marginal, and landless farmers face challenges during the agriculture production phase, such as: Access to technology; Quality seeds; Fertilisers and pesticides, and; Requisite finances. Challenges in marketing their produce due to a lack of economic strength. FPOs help in the collectivisation of such small, marginal, and landless farmers, giving them collective strength to deal with such issues. managing their activities together to get: Better access to technology; Inputs; Finance, and; Market for faster enhancement of their income. The way FPOs help Smallholder Farmers Achieving Economies of Scale FPOs help small and marginal farmers reduce input costs and secure better prices by aggregating purchases and sales. Enhanced Credit Access Access to institutional credit since long a barrier for smallholders, is improved through FPOs, aligning such support with ongoing government schemes for farmers aimed at financial inclusion. Accessing Global Markets FPOs enable smallholders to access international markets. Overcoming Shrinking Farm Sizes With average landholding size shrinking from 1.08 hectares in 2015–16 to just 0.74 hectares in 2021–22, FPOs help farmers aggregate resources and invest in modern equipment. This consolidation enables economies of scale: Allowing for bulk purchases; Shared services, and; Use of advanced machinery is improving productivity, a key enabler of agricultural sector growth. Supporting Value-Addition & Processing Through shared infrastructure like mini-mills and cold storage FPOs help farmers earn more by adding value to raw produce, strengthening Farmer Welfare through diversified income streams. Key Features of the Scheme Up to Rs 18 lakh financial aid over 3 years Matching equity grant of Rs 2,000 per farmer (max Rs 15 lakh) Credit Guarantee up to Rs 2 Crore in project loans Cluster-based handholding support for 5 years Challenges Faced by FPOs Many farmers joining FPOs have limited exposure to modern agricultural practices, quality standards, and market requirements. Most farmer-leaders lack formal training in business management, financial planning, human resources, and strategic planning. Most FPOs begin with minimal capital contributed by farmer members who themselves have limited financial resources, creating a precarious situation where the organisation struggles to invest in necessary infrastructure, working capital, or growth opportunities. Farmer members often expect immediate benefits from their FPO membership but are reluctant to make significant financial contributions. Traditional financial institutions often view these organisations as high-risk borrowers due to their agricultural focus, limited collateral, and perceived management weaknesses. Many FPOs lack the market intelligence necessary to make informed decisions about what to produce, when to sell, and at what prices, putting them at a disadvantage competing with established suppliers or negotiating with buyers. Epilogue By fostering collectivisation, enhancing market access, and providing financial and institutional support, the initiative has empowered millions of small and marginal farmers, including women and economically weaker sections, boosting agricultural productivity and income, contributing to rural job creation and economic resilience. As FPOs continue to evolve, they promise a more equitable and resilient future for India's agricultural landscape, it is opined. Critics however state that it is critical to move beyond numbers. They opine a target-oriented approach may work in the initial phase. As such, although reaching the target of 10,000 FPOs ahead of the March 31, 2025 deadline is commendable, there is now a need to focus on better outcomes. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Indian Express
14 minutes ago
- Indian Express
Snake rescuers to get Rs 10 lakh insurance cover, Maharashtra Revenue Minister
Maharashtra revenue minister Chandrashekhar Bawankule on Thursday said the state government is planning to provide an insurance cover of Rs 10-15 lakh to snake rescuers, in a bid to recognise their services in dealing with human-wildlife conflicts. Bawankule also said the state government has plans to provide snake rescuers with identity cards. 'Snake rescuers often risk their lives to protect villagers from venomous snakes and ensure that the reptiles are safely relocated to their natural habitats. Recognising their selfless contribution, we plan to issue them official ID cards and provide Rs 10 lakh accident insurance. A formal recommendation to grant the benefit to snake rescuers will soon be sent to Chief Minister Devendra Fadnavis,' Bawankule said in a statement. A detailed Standard Operating Procedure (SOP) will be prepared in this regard. 'There is a need to classify snake rescue under essential services and include the rescuers in disaster response mechanisms. The work is of critical nature,' said Bawankule. The statement issued by the revenue department said that to enhance coordination and transparency, a dedicated portal listing certified snake rescuers will be created on the forest department's website. 'This will enable quicker response in emergencies and offer public access to verified contact information. Such a step will not only support snake rescuers but also strengthen wildlife conservation efforts,' the statement said.
Economic Times
14 minutes ago
- Economic Times
India-UK FTA prescribes a booster dose for Indian pharma and medtech exports
Representational The India-UK free trade agreement (FTA) is expected to give a strong tailwind to India's pharmaceutical and medical devices sectors with tariff relief and smoother regulatory pathways acting as critical drivers, industry experts told ET. The agreement will boost exports giving an easier access to the UK market. It is expected to help Indian companies – especially those in generics and biosimilars - to scale their market presence, fast track product approvals, provide a push to cross-border R&D and innovation. The UK has committed to zero tariff on nearly 99% of Indian pharma exports. While Indian pharma exports to the UK were largely duty free even earlier, the latest agreement formalises the status which brings in long-term clarity to to industry estimates, the pharma market size of the UK stands at about $45 billion and is expected to shoot to $73 billion by 2033. The share of the Indian drugs can see a significant push from the UK's generics segment which is currently pegged at $5 billion. India's pharmaceutical exports to the UK crossed $910 million in FY24, according to estimates. "The agreement strengthens supply chains, enhances access to affordable medicines, and drives Foreign Direct Investment (FDI),' said Namit Joshi, Chairman of Pharmexcil. 'This partnership paves the way for collaborations in bulk drug imports, CDMO (contract manufacturing), and joint research, empowering India's competitive edge and promoting global partnerships.'The pact will open up trade and economic opportunities between the two countries. 'The pharma sector will have opportunities to supply quality medicines contributing to better patient care in the UK,' said Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance. 'The tariffs relief on generic medicines and key medical devices like surgical instruments and diagnostics under the FTA will enhance the affordability and appeal of Indian products in the UK market,' said Manoj Mishra, Partner and Tax Controversy Management Leader, Grant Thornton Bharat. The move significantly boosts the competitiveness of Indian generics and high-quality affordable healthcare solutions, positioning India to scale its footprint in one of Europe's most valuable healthcare markets, said Mishra. For the medical devices sector too the move is expected to open new opportunities, said experts. 'Previously, medical devices imported into the UK were duty-free, so tariff restrictions were not an issue but regulatory approval costs and time (delays) were a challenge,' said Rajiv Nath, forum coordinator, Association of Indian Medical Device Manufacturers (AiMeD), an umbrella organisation representing manufacturers of various medical devices in medical devices exports to the UK stood at Rs 1,015 crore in fiscal 2024, up 13% from a year ago. Imports of medical devices to India was at Rs 2,295 crore, up 36% from the previous are of the view that the FTA seeks to keep a balance between India's current IP regime with public health and the UK's preference of protecting various IP rights. Sandeep Rathod, Sr. VP (legal and compliance), Piramal Pharma, said: 'In context of geographical Indications, both sides will be bringing together a list of products that will be protected with equity and transparency as key principles.' 'Within patents, India's important safeguards such as S.3(d) and oppositions have not been tampered with. This should help India's status as the world's generic manufacturer and also protect access to medicines for domestic patients.' 'UK is an important market. The real value is the potential positive impact on our other trade deals coming up such as with the EU and US,' said Sujay Shetty, global health advisory leader at consulting firm PwC.
