Andhra Pradesh Implements Major Loan Rescheduling to Boost Economic Growth

Andhra Pradesh Chief Minister N Chandrababu Naidu announced the rescheduling of loans worth Rs 50,000 crore, leading to savings for the state. At the State Level Bankers Committee meeting, Naidu urged support for MSMEs and underprivileged communities, while also promoting renewable energy and startups at the Ratan Tata Innovation Hub.

Andhra Pradesh Chief Minister N Chandrababu Naidu has announced a major initiative to reschedule loans amounting to Rs 50,000 crore, part of a larger Rs 2 lakh crore debt restructuring plan, resulting in Rs 1,108 crore in savings for the state.

Speaking at the State Level Bankers Committee (SLBC) meeting in the Secretariat, Naidu urged banks to foster the growth of MSMEs and other essential sectors, while emphasising the importance of extending loans to SC, ST, and BC communities to improve their economic standing.

In addition, Naidu highlighted the role of renewable energy, calling on banks for increased credit support, and outlined plans to turn Amaravati into a financial hub with solid backing for the Ratan Tata Innovation Hub's startups.

(With inputs from agencies.)