Private investment, strong banking must to achieve Telangana’s ambitious economic goals by 2047, says Deputy CM

Telangana Deputy Chief Minister Mallu Bhatti Vikramarka asserted that the objective of ensuring US$ 1 trillion economy by 2034 and US$ 3 trillion by 2047 requires large scale private investments, strong financial institutions, deeper financial markets and innovative financing mechanisms.

The objective of achieving accelerated growth in economy will not be possible through the government expenditure alone, and banking and financial sectors should become key partners in the State’s goal of transforming Telangana into a US $3 trillion economy by 2047.

The Deputy Chief Minister participated in and addressed the 50th State Level Bankers’ Committee (SLBC) meeting held at Mahatma Jyotirao Phule Praja Bhavan in Hyderabad on Wednesday (August 19, 2026). Telangana Rising 2047 was not merely a vision document, and the goals set in the document could be achieved with a transformation in the banking sector. Formulation of a future oriented banking strategy in line with tie Telangana Rising objectives was the need of the hour, he said.

Towards this end, banks should not merely review how far they achieved their assigned targets, but should periodically assess the development achieved through the loans extended, the number of industries established and jobs created. The real measure of banking performance would be the extent to which agricultural productivity increased, rural incomes improved and private investment was mobilised.

Rural and agricultural sectors were the foundation of the State’s economy. Farmers should receive loans precisely when they needed them and eligible farmers should not be forced to makes rounds to banks seeking credit. “Farmers should not have to search for banks for loans. It should be the other way round. Banking system should reach farmers,” he said.

Accordingly, farming allied sectors like dairy, fisheries, horticulture, oil palm, food processing and other allied sectors should be brought into the formal credit system. The objective should not just be providing loan, but to convert that credit into higher and sustainable agricultural income. Banks should also be proactive in their approach towards farmers in that they should analyse the reasons behind the decline in the income of farmers who were unable to repay their loans. Issues like productivity, market facilities, post-harvest infrastructure and working capital should be incorporated into credit strategies in this regard.

He appreciated the fact that banks had extended ₹52,337 crore in agricultural loans as of June 2026, but emphasised that timely disbursement of credit was equally important.