Hyderabad: Deputy Chief Minister Bhatti Vikramarka said banks must become key partners in achieving Telangana’s $3 trillion economy goal by 2047.
He made the remarks at the 50th State Level Bankers’ Committee meeting on Wednesday. The meeting took place at Mahatma Jyotirao Phule Praja Bhavan.
Bhatti said Telangana aimed to become a $1 trillion economy by 2034 and a $3 trillion economy by 2047. He stressed that government spending alone could not achieve those targets.
Instead, the state needs large-scale private investment and stronger financial institutions. It also needs deeper financial markets and innovative financing mechanisms, he said.
Bhatti described Telangana Rising 2047 as a development compact with the people. Therefore, he called for a future-focused banking strategy aligned with the state’s long-term economic goals.
The Deputy Chief Minister said banks should assess more than their lending targets. They should also measure the development impact created through the loans they provide.
According to Bhatti, banks should track how many industries emerge from their lending. They should also assess the number of jobs created through financed projects.
He said agricultural productivity, rural incomes and private investment should become key indicators of banking performance. Such measures, he argued, would better reflect the sector’s contribution to economic growth.
Telangana economy goal puts focus on rural credit
Bhatti identified rural and agricultural sectors as the foundation of Telangana’s economy. He said farmers should receive institutional credit when they actually need it.
Eligible farmers should not have to repeatedly visit banks seeking loans, he said. Instead, Bhatti called for the banking system to proactively reach farmers.
He also urged banks to bring dairy, fisheries and horticulture into the formal credit system. Oil palm, food processing and other allied activities should receive similar attention.
The Deputy Chief Minister said lending should focus on improving farm incomes rather than simply increasing the number of loans. Credit, he added, should help farmers build higher and sustainable agricultural earnings.
Bhatti said the banking sector’s transformation would play an important role in achieving the Telangana economy goal. He urged bankers to align lending practices with the state’s broader development priorities.