MSMEs credit outlay set at Rs 69K crs
The SLBC (State level bankers committee) of Andhra Pradesh has set the state’s annual credit plan for the current fiscal FY24 at Rs 443,000 crores.
Of this Rs. 3,23,000 Crores is being earmarked towards Priority Sector Advances and Rs. 1,20,000 Crores is towards Non-Priority Sector Advances.
As per a senior member of the SLBC the annual credit plan is prepared in consultation with a slew of stakeholders such as state government departments, NABARD, RBI, DFS, and member banks.
An amount of Rs. 69,000 Crores has been projected for the MSME sector with major allocation i.e. Rs. 36,000 Crores going towards Micro Enterprises while Rs 22000 crores for Small enterprises and Rs 10,500 crores for medium enterprises.
There has been a 38% increase in allocation towards the MSME sector compared to the previous fiscal. Under the Agricultural Sector, an amount of Rs.2,31,000 Crores is projected an increase of 40% over FY22-23.
Similarly under Agriculture Term Loans, Major thrust is given for Dairy Development with a credit projection of Rs. 9,000 Crores.
This is an increase of a whopping 92% compared to the previous fiscal.
As per the total credit plan, public sector banks have the onus of lending the maximum allotment at 65% followed by private sector banks at 18%, RRBs at 10%, and cooperative banks and others at 7%.
District Wise Allotment
Under the district-wise allotment targets NTR district has been earmarked for the highest allotment at 12.93% followed by Visakhapatnam at 10.22%, and Guntur at 5.94%.