Hyderabad, July 13: Releasing the Rs 55,000-crore Credit Plan, o Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today urged banks to make available adequate credit to common man to overcome the impact of economic slowdown.
”India is a very big consumer country. We can overcome economic downturn by making available credit in a big way to the common man,” he said inaugurating the State-Level Bankers (SLB) Committee Meeting here.
”I am of the consistent view that availability of money in the hands of the common man is the key for ushering in development and ensuring their progress.” The Gross State Domestic Product (GSDP) was one per cent more than the national Gross Domestic Product (GDP) in the last five years as against 0.6 per cent to 0.8 per cent less during the previous regime. ”This has been made possible only because of your support,” he told the bankers.
Under the Credit Plan, commercial banks will have to provide Rs 23,500 crore as crop loans, Rs 9,000 crore as agriculture term loans, Rs 8,000 crore to small scale industries, besides other priority sector advances to the tune of Rs 15,000 crore.
Upset with the fall in recovery following the Opposition’s promise to waive loans advanced to Women Self Help Groups (SHG) among other sections, the Chief Minister said, ”recovery is key for survival of the financial system.
—–Agencies