Finance hydropower projects, says Chief Secretary

Shimla, Apr 19 (UNI) Banks should provide easy finance at low interest rates to small local entrepreneurs who are willing to set up five MW hydropower projects in Himachal Pradesh, state Chief Secretary S S Parmar today said.

Inaugurating the 102nd and 103rd HP State Level Bankers' Committee meeting here, he said this would not only provide employment to the unemployed educated youth but would also be a step towards generating more financial resources of its own.

Mr Parmar said banks should shift their emphasis to agri business, education and tourism, as these could generate more employment opportunities in rural areas.

The state's 2006-07 annual plan had been finalized with the Planning Commission and focuses on social sector and rural development, he said.

Presiding over the meeting, UCO Bank Executive Director Suhas A Bhat said the total banking business in the state has recorded a growth of 16.80 per cent on year on year basis with deposits of Rs 17,274.73 crore and advances of Rs 7,670.88 crore.

He said the banks were providing 64.66 per cent of their total credit to priority sectors and would achieve their target of doubling their credit to agriculture sector during 2006 instead of 2007.

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