Andhra Pradesh Chief Minister N. Chandrababu Naidu has called on banks to increase lending to the renewable energy industry, highlighting the sector’s high priority from both the Central and state governments. He emphasized that power distribution companies are offering counter-guarantees to support this initiative, urging bankers to play a proactive role in financing renewable energy projects.
During the State Level Bankers’ Committee meetings, Naidu stressed the importance of ensuring that individuals in the state have access to loans through formal banking channels, rather than resorting to private lenders. He specifically emphasized the need for extensive financial support to Scheduled Castes, Scheduled Tribes, and Backward Classes to promote their development and bridge economic disparities.
Naidu disclosed plans to transform Amaravati into a financial hub, attracting various financial institutions to set up operations in the state capital. He also highlighted the government’s efforts to reschedule loans amounting to Rs 2 lakh crore in Andhra Pradesh, with a significant portion already restructured to benefit borrowers. Additionally, he underscored the importance of bolstering Farmer-Producer Organisations and reducing charges on bank accounts to support grassroots economic activities.
The Chief Minister directed banks to provide increased assistance to Micro, Small, and Medium Enterprises (MSMEs), particularly those empowering marginalized sections of society. He emphasized the pivotal role of government-bank collaboration in fostering the growth of MSMEs across different sectors, emphasizing the potential for overall development through MSME encouragement and service sector expansion.
Naidu also highlighted the ‘One Family – One Entrepreneur’ policy and the government’s focus on enhancing the service industry. He mentioned the Central government’s readiness to offer Viability Gap Funding for Public-Private Partnership projects and the support provided by various banks to budding entrepreneurs through Ratan Tata Innovation Hubs in Amaravati and other regional centers.
