The Andhra Pradesh State-Level Bankers Committee (SLBC) has pegged the annual credit plan for the year 2024-25 at ₹5.4-lakh crore, showing 14 per cent increase over the outlay of the last financial year.

The priority sector got a lion’s share of the total annual credit plan at ₹3.75-lakh crore, which included ₹2.64-lakh crore for agricultural activities. 

The credit plan included ₹32,600 crore for improving agriculture infrastructure, ₹87,000 crore for MSME sector, ₹11,500 crore for housing and ₹8,000 crore for renewable energy sectors.

While addressing the banks, Chief Minister N Chandrababu Naidu, who presided over the meeting in Amaravati on Tuesday, asked banks to accord top priority to the appealed agricultural sector with a hassle free loan sanction process taking into consideration the credit needs of the tenant farmers.

Stressing the need for better coordination between the State government machinery and the banks for the smooth rollout of the credit plan, Naidu said a committee will be formed soon with bankers, ministers and agricultural experts as members to achieve desired results and to prepare plans for implementation of the decisions of SLBC.