Telangana Targets $3 Trillion Economy by 2047, Says Deputy CM Bhatti Vikramarka

Telangana Deputy Chief Minister Bhatti Vikramarka on Friday said the state government is working with a long-term vision to transform Telangana into a $3 trillion economy by 2047 , stressing that strong institutional support and strategic banking partnerships will be crucial in achieving the goal.

Addressing the 49th State Level Bankers’ Committee (SLBC) meeting held at Mahatma Jyotirao Phule Praja Bhavan in Hyderabad, the Deputy CM highlighted Telangana’s rapid economic growth and urged banks to play a broader developmental role beyond conventional lending activities.

The meeting was attended by Agriculture Minister Tummala Nageswara Rao , Special Chief Secretary Dana Kishore , Finance Principal Secretary Sandeep Kumar Sultania , RBI Regional Director Chinmay Mohanty , SBI Chief General Manager Nilesh Dwivedi , and senior banking officials.

Bhatti Vikramarka said Telangana is recording an impressive 10.7 per cent growth rate , significantly higher than the national average of 8.2 per cent. He also noted that the state’s per capita income of Rs 4.18 lakh is nearly double the national average of Rs 2.1 lakh, describing these indicators as strong evidence that the ambitious economic target is achievable.

Highlighting the banking sector’s contribution, he said total bank deposits in Telangana have touched nearly Rs 9.43 lakh crore , while advances stood at Rs 12.34 lakh crore , resulting in a robust Credit-Deposit ratio of 130.78 per cent . He congratulated bankers for surpassing the agricultural credit target by disbursing Rs 1.68 lakh crore , achieving over 101 per cent of the annual target.

In a major announcement aimed at strengthening women’s financial independence, the Deputy CM said the government would increase the limit for interest-free loans to Self-Help Groups (SHGs) from Rs 5 lakh to Rs 10 lakh . He added that special focus would be placed on extending loans to women’s groups in Hyderabad, particularly aspiring entrepreneurs from urban slum areas.

Calling education loans an investment in the country’s future, Bhatti Vikramarka urged banks to adopt a more supportive approach towards students seeking financial assistance for higher education. “Loans given to students are not liabilities, but investments in the nation’s youth,” he said.

The Deputy CM also stressed the importance of supporting renewable energy projects , especially rooftop solar installations and solar power initiatives, through easier credit access. He called upon banks to expand lending to MSMEs , as well as women, Dalit and tribal entrepreneurs.

Emphasising the need for long-term economic planning, Bhatti Vikramarka said banks should emerge as strategic partners in Telangana’s development journey by supporting sectors that generate employment and contribute significantly to the state’s Gross State Domestic Product (GSDP).

He further revealed that the government plans to establish industrial hubs and clusters in sectors such as pharma, semiconductor fabrication (Fab City), steel, leather and textiles to attract national and international investments. Key infrastructure initiatives including the Musi River rejuvenation project , Future City , and the Regional Ring Road (RRR) were also identified as top government priorities.

With rapid urbanisation underway in Telangana, the Deputy CM said the services sector is expected to witness substantial growth in the coming years, creating new opportunities for investment and employment.