Andhra Pradesh Unveils Ambitious Swarnandhra Vision
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Synopsis
Andhra Pradesh has launched 'Swarnandhra@2047', an economic roadmap targeting a $2.4 trillion economy by 2047. Chief Minister N. Chandrababu Naidu aims for a per capita income of $42,000, focusing on sustainable growth and sectoral advancements.
Key Takeaways
- Ambitious economic growth targets set.
- Focus on sustainable and inclusive growth.
- Monitoring units to ensure accountability.
- Investment in key sectors like agriculture and industry.
- Plans to enhance the business environment.
Amaravati, Feb 11 (NationPress) The government of Andhra Pradesh has introduced Swarnandhra@2047, a groundbreaking strategy for economic transformation, aligning with the Viksit Bharat @2047 initiative of the Union government.
Chief Minister N. Chandrababu Naidu has envisioned Swarnandhra with the goal of cultivating a $2.4 trillion economy and achieving a per capita income of $42,000 by sustaining an annual GSDP growth rate exceeding 15 percent. This initiative aims to position Andhra Pradesh as a vital economic engine in the nation, promoting sustainable and inclusive growth.
Following the bifurcation of the united Andhra Pradesh, both Andhra Pradesh and Telangana experienced similar growth in per capita income from 2014-15 to 2018-19, with Andhra Pradesh at 13.21 percent and Telangana at 13.37 percent, both exceeding the national average of 9.75 percent, according to officials.
However, between 2019-20 and 2023-24, the economic disparity between the two states significantly deepened. While Telangana preserved a relatively stable growth pattern, Andhra Pradesh's growth rate diminished. Telangana’s per capita income slightly decreased from 13.21 percent to 11.45 percent, reaching Rs 3,56,564, whereas Andhra Pradesh's growth rate plummeted from 13.21 percent to 9.18 percent, lowering its per capita income to Rs 2,37,951.
This has led to an increasing gap of Rs. 1,18,613 between the two states. Andhra Pradesh’s GSDP growth rate, once at 13.07 percent in 2014-15, dropped to 8.60 percent by 2023-24. Nevertheless, forecasts for 2024-25 suggest a rebound to 12.90 percent, indicating a favorable change in the state's economic prospects.
To close this gap and expedite growth, the government has launched Swarnandhra @2047, strategically targeting a doubling of the GSDP growth rate from 7.5 percent to 15 percent annually, which is anticipated to yield a 4.4x increase in GSDP and per capita income.
The Chief Minister accentuated that economic growth should be prioritized without placing additional financial burdens on residents, ensuring that the rewards of growth are equitably distributed. As part of this vision, the government plans to establish Vision Monitoring Units at state, district, and constituency levels to track progress and ensure accountability. An exclusive online portal will also be created to monitor economic indicators and growth targets in real-time.
For the fiscal year 2025-26, the state has set a GSDP growth goal exceeding 16 percent, with principal sectors poised to play a significant role in driving this growth. The agriculture and allied sectors are expected to rise from Rs 5,19,485 crore to Rs 6,02,728 crore, marking a 16.02 percent growth rate. The industrial sector is projected to grow from Rs 3,41,331 crore to Rs 3,99,358 crore, achieving a 17 percent growth rate.
Additionally, the services sector is anticipated to grow from Rs 6,11,390 crore to Rs 7,10,714 crore, reflecting a 16.25 percent increase.
The government has pinpointed several essential growth drivers that will be crucial in reaching these ambitious objectives. These include modernizing agriculture and encouraging commercialization, expanding industrial infrastructure, enhancing productivity in the services sector, and investing in state-of-the-art technologies like artificial intelligence and knowledge-based industries. Furthermore, governance and financial reforms are prioritized to create a more investor-friendly business environment and attract fresh investments into the state.
To ensure effective execution of this vision, the government is launching a five-year strategic planning framework at district and constituency levels. Officials will undergo specialized training to facilitate the implementation of development initiatives.
Meanwhile, Chief Minister Naidu has highlighted the significance of industrial and IT sector development for the state’s overall advancement.
He stated that industrial growth will propel the state towards progress.
"All sectors must grow together. The industrial sector's growth rate must increase from 6.57 percent to 16 percent, the environment sector to 18 percent, and the construction sector to 10 percent," he emphasized.
He remarked that during the previous government’s tenure, industrial growth in Andhra Pradesh had stagnated completely. Since the coalition government assumed office, efforts have been made to achieve improved outcomes through Speed of Doing Business reforms.
"This is why substantial incentives are being provided for industrial development. The establishment of industries will lead to job opportunities and economic growth for the state. The Ratan Tata Innovation Hub is transforming Visakhapatnam, Rajahmundry, Anantapur, and Tirupati into major industrial centers," he stated at a meeting with ministers and secretaries.
With guidance from seasoned professionals, industrial development in the state is being augmented. Everyone must adopt new ideas and cultivate an innovation-driven culture. Andhra Pradesh must evolve into an 'Andhra Valley', akin to Silicon Valley, the CM asserted.
Calling for the fulfillment of every election promise, he noted that efforts are being made to uplift the economically disadvantaged sections. Andhra Pradesh is set to emerge as the premier logistics hub, with a Logistics Corporation being established to develop ports and airports, CM Naidu announced.
