Vijayawada: Chief minister Nara Chandrababu Naidu on Tuesday reiterated that he is determined to take up comprehensive development of the state along with eradication of poverty by creation of wealth.
“I want to achieve the goal of making Andhra Pradesh free from poverty within four years. Vision 2047 and P4 have been designed to take the state into the big league with transformative measures,” he said, during his keynote address at the state level bankers’ committee (SLBC) meeting.
Urging the bankers to be proactive in extending their support to the govt, he said many big-ticket projects are expected to land in the state in the next few years. The chief minister commended their performance for exceeding the targets in 2024-25, while unveiling the ‘AP annual credit plan’ for 2025-26.
He emphasized on the need for targeted financial support to Dwacra women, tenant farmers, SC, ST, BC, and minority communities to ensure inclusive growth. Highlighting the state’s frequent SLBC meetings to secure banking support for improving living standards and fostering development, Naidu noted that post-bifurcation, Andhra Pradesh has prioritized agriculture, given its role as the livelihood source for most residents.
“The state is implementing programs to strengthen agriculture-allied sectors, with banks playing a critical role in providing financial backing for progress across various sectors. Visakhapatnam is emerging as an industrial and economic hub, while capital Amaravati has positioned itself as a platform for future opportunities. Rayalaseema will be developed as a horticulture and electronics manufacturing hub,” the CM said.
He also outlined plans to establish MSMEs and Ratan Tata innovation hubs in every constituency to promote entrepreneurship. He emphasized the govt’s P4 initiative which aims to eliminate poverty and reduce inequalities by 2029, alongside widespread adoption of the PPPP policy for wealth creation and infrastructure development.
The bankers assured the CM of their commitment to exceed the 2025-26 credit plan targets, with a focus on women entrepreneurs, self-help groups, education, and housing. In 2024-25, the state surpassed its Rs 5.4 lakh crore credit plan target, disbursing Rs 6.83 lakh crore (127% achievement). Out of this, Rs 4.14 lakh crore went to priority sectors and Rs 2.68 lakh crore to non-priority sectors.
SLBC convenor and Union Bank of India MD, A Manimekhalai, explained that they have disbursed Rs 3.07 lakh crore (116% achievement) against the target of Rs 2.64 lakh crore to the agriculture sector. She said they have disbursed loans to the tune of Rs 1.69 lakh crore during Kharif and Rs 1.37 lakh crore during Rabi season.
Finance minister Payyavula Keshav raised concerns about the declining growth rate in credit plan implementation, noting a drop from 163% in 2022-23 to 127% in 2024-25, and sought explanations from bankers. Chief secretary K Vijayanand, ministers, and senior officials were present.
KEY TARGETS
AP’s annual credit plan for 2025-26 has been set at Rs 6.6 lakh crore, a 22% increase from 2024-25
Agriculture | Rs 3.06 lakh crore
MSMEs | Rs 1.28 lakh crore
Priority sector | Rs 4.58 lakh crore
Non-priority sector | Rs 2.02 lakh crore
